Bitcoin Sheds $1,000 in Pre-Thanksgiving Dip as OKEx Withdrawals Commence

[JR]

Bitcoin Sheds $1,000 in Pre-Thanksgiving Dip as OKEx Withdrawals Commence

After stopping short of reaching its all-time high (ATH), the Bitcoin price saw a sudden $1,000 drop.
The price action coincides with major crypto exchange OKEx resuming withdrawals after a one-month imbroglio. Reports also show significant BTC inflows to exchanges which might signal an imminent price correction.

The Bitcoin price is currently hovering below $17,900 following a dramatic 11% slide that saw BTC lose over $1,000 in a little under three hours. Before the dip, BTC was attempting to surmount its ATH by possibly climbing above the $20,000 for the first time.

Several factors appear to have contributed to the Nov. 26 dip with data from on-chain analytics provider CryptoQuant showing a significant BTC inflow to exchanges. Such a scenario often points to traders positioning their coins for sale to cash-in on local tops amid Bitcoin’s bullish rise.

Thursday’s dip might also signify temporary bull fatigue after successive rejections above the $19,500 price level. Commenting on the sudden drop, Vinny Lingham, CEO of crypto wallet provider CivicKey tweeted:This sell-off was expected. Shouldn’t drop below $16,000 and so you can expect some healthy sideways trading for the coming weeks. $20k requires a lot of consolidation to get enough momentum to maintain a break above.
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[Papusha20]

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[JR]

Thanks you.
Its great that its helpful.