three explanation why Bitcoin simply dropped after failing to interrupt $19.5K once more
3 reasons why Bitcoin just dropped after failing to break $19.5K again
The price (BTC) surged above $19,500 briefly on Dec. 15, reaching as high as$19,570 on Binance. However, BTC then dropped to $19,050 within three hours, recording a sudden 2.5% pullback.
Bitcoin spiked to around $19,600 because of the momentum of its relief rally and negative futures market funding rates. But, it rejected the same level it broke down from since November due to the selling pressure from whales.
Bitcoin 1-hour price chart (Coinbase). Source: TradingView.comBitcoin futures short activity. Source: Hyblock Capital
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