Bitcoin price strongly rejected near the $20,000 resistance, leading analysts to debate whether a quick recovery is in the cards.Bitcoin (BTC) finally managed to secure a new all-time high, but the digital asset rejected strongly near $20,000. On-chain analysts say a sell-off from whales and miners, combined with the $20,000 level acting as a resistance level caused a fierce drop.For whales and high-net-worth investors, liquidity is the most important factor. Because they deal with large orders, they need to calculate the slippage their sell orders will cause.Typically, the best period for whales to sell is when there is peak euphoria in the market met with large buyer demand. This allows whales to more efficiently sell their holdings without causing massive volatility.When the price of Bitcoin officially surpassed its all-time high on Coinbase, it caused the market sentiment to become highly bullish. Shortly thereafter, whales started to sell, causing large liquidations across major exchanges.CryptoQuant CEO Ki Young Ju explained that whale withdrawals were slowing down on Nov. 30. He said:\u201cI called short-term bearish based on miner-selling, whale activeness on exchanges, and no whale withdrawals. But I knew enough exchange stablecoin reserves would break $20k by this year. If ATH rejection happens, it could be a huge pullback as whales would sell BTC heavily.\u201dThe confluence of whales keeping BTC on exchanges, which means higher selling pressure, and the sell-off from miners amplified BTC\u2019s downturn.Ki also noted that whales began to deposit Bitcoin into exchanges once again, which happens when whales want to sell their holdings.Whales are depositing $BTC + Miners are selling $BTC+ No exchange withdrawals from whales+ $20K rejection= Huge pullback ($19.9k -> $18k) https:\/\/t.co\/F1n7ypl4kT pic.twitter.com\/NnJJxzIcAV\u2014 Ki Young Ju \uc8fc\uae30\uc601 (@ki_young_ju) December 1, 2020PromotedThe price of BTC recovered swiftly after dropping to around $18,200, surging back above $19,400 within hours.The speedy\u2026<\/p>","protected":false},"excerpt":{"rendered":"
Bitcoin price strongly rejected near the $20,000 resistance, leading analysts to debate whether a quick recovery is in the cards.Bitcoin (BTC) finally managed to secure a [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/2881"}],"collection":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/comments?post=2881"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/2881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/media?parent=2881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/categories?post=2881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/tags?post=2881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}