Bitcoin, 30 minutes ago dropped 5.19% in a single 5 minute candle, while everybody on crypto twitter is confused and wondering what could lead that to hoappen. here are the top reasons why it happened.
- 5000 Bitcoin sell could be the reason of a sharp drop in bitcoin price as a whale transferred 5000 bitcoins to coinbase just before the price drop.
- Manipulation by the whales : this could be clearly indicating the moves of the whales as its not common price movement, this is clear indication of whales liquiditating the long position before bitcoin price goes parabolic.
- Panic Sellers : this price drop does represents the panic sellers as the price drop 5%, panic sellers as knows as paper hands could be the reason behind the sudden drop.
these types of price movement is not common in bitcoin, price quickly moved back up to 60,400 within minutes after the price drop as the market is bullish, there is probably nothing to worry about this drop.