{"id":32374,"date":"2020-11-26T09:47:07","date_gmt":"2020-11-26T07:47:07","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=32374"},"modified":"2025-08-28T08:18:30","modified_gmt":"2025-08-28T05:18:30","slug":"bitcoin-price-sinks-below-17000","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-price-sinks-below-17000\/","title":{"rendered":"Bitcoin price sinks below $17,000"},"content":{"rendered":"<p>The decline in the price of the leading cryptocurrency accelerated over the past 24 hours. Bitcoin found itself below the $18,000 mark.<!--more--><\/p>\n<p>The chart below shows a volume-supported downward move in price:<\/p>\n<div id=\\\"attachment_117673\\\" style=\\\"width: 1364px\\\" class=\\\"wp-caption aligncenter\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" aria-describedby=\\\"caption-attachment-117673\\\" class=\\\"size-full wp-image-117673\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/Screenshot_1-121.png\\\" alt=\\\"Bitcoin price collapsed below $17,000\\\" width=\\\"1354\\\" height=\\\"782\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/Screenshot_1-121.png 1354w, https:\/\/u1f987.com\/wp-content\/uploads\/Screenshot_1-121-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Screenshot_1-121-1024x591.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Screenshot_1-121-768x444.png 768w\\\" sizes=\\\"auto, (max-width: 1354px) 100vw, 1354px\\\" \/><\/p>\n<p id=\\\"caption-attachment-117673\\\" class=\\\"wp-caption-text\\\">Bitcoin is trying to cling to the $19,000 level, which is 8% below its 2020 high. The four-hour BTC\/USD chart from Bitstamp on TradingView.<\/p>\n<\/div>\n<p><strong>Update: <\/strong>The price continued to fall, breaking below $17,000.<\/p>\n<div id=\\\"attachment_117692\\\" style=\\\"width: 1467px\\\" class=\\\"wp-caption aligncenter\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" aria-describedby=\\\"caption-attachment-117692\\\" class=\\\"size-full wp-image-117692\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSD-5.png\\\" alt=\\\"Bitcoin price collapsed below $17,000\\\" width=\\\"1457\\\" height=\\\"772\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSD-5.png 1457w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSD-5-300x159.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSD-5-1024x543.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSD-5-768x407.png 768w\\\" sizes=\\\"auto, (max-width: 1457px) 100vw, 1457px\\\" \/><\/p>\n<p id=\\\"caption-attachment-117692\\\" class=\\\"wp-caption-text\\\">Hourly BTC\/USD chart from Bitstamp on TradingView.<\/p>\n<\/div>\n<p><script async src=\\\"https:\/\/telegram.org\/js\/telegram-widget.js?14\\\" data-telegram-post=\\\"forklog\/16218\\\" data-width=\\\"100%\\\"><\/script><\/p>\n<p>Other popular crypto assets have also weakened substantially, including Ethereum and XRP, which recently <a href=\"https:\/\/u1f987.com\/en\/news\/xrp-climbs-about-142-as-ripple-addresses-and-activity-surge\">turned out<\/a> to be in the spotlight.<\/p>\n<div id=\\\"attachment_117695\\\" style=\\\"width: 1283px\\\" class=\\\"wp-caption aligncenter\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" aria-describedby=\\\"caption-attachment-117695\\\" class=\\\"wp-image-117695 size-full\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/Gecko-2.png\\\" alt=\\\"Bitcoin price collapsed below $17,000\\\" width=\\\"1273\\\" height=\\\"330\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/Gecko-2.png 1273w, https:\/\/u1f987.com\/wp-content\/uploads\/Gecko-2-300x78.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Gecko-2-1024x265.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Gecko-2-768x199.png 768w\\\" sizes=\\\"auto, (max-width: 1273px) 100vw, 1273px\\\" \/><\/p>\n<p id=\\\"caption-attachment-117695\\\" class=\\\"wp-caption-text\\\">Data: <a href=\\\"https:\/\/www.coingecko.com\/en\/coins\/all\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">CoinGecko<\/a>.<\/p>\n<\/div>\n<p>There is also a strengthening of inflows to trading venues\/exchanges.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">All Exchanges Inflow Mean increased a few hours ago.<\/p>\n<p>It indicates that whales, relatively speaking, deposited <a href=\\\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\\\">$BTC<\/a> to exchanges.<\/p>\n<p>But long-term on-chain indicators say the buying pressure prevails. I still think we can break 20k in a few days.<\/p>\n<p>Chart \ud83d\udc49 <a href=\\\"https:\/\/t.co\/mL1j2ZqVf8\\\">https:\/\/t.co\/mL1j2ZqVf8<\/a> <a href=\\\"https:\/\/t.co\/6ErmJHrS4v\\\">pic.twitter.com\/6ErmJHrS4v<\/a><\/p>\n<p>\u2014 Ki Young Ju \uc8fc\uae30\uc601 (@ki_young_ju) <a href=\\\"https:\/\/twitter.com\/ki_young_ju\/status\/1331815316838486016?ref_src=twsrc%5Etfw\\\">November 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote>\n<p>&#8220;This indicates that whales, in fact, deposited Bitcoin on exchanges. Yet, long-term on-chain indicators point to the predominance of buying pressure. I still believe we can surpass $20,000 in a few days,&#8221; said CryptoQuant CEO Ki Young Ju.<\/p>\n<\/blockquote>\n<p>Analyst Lucas Nuzzi of Coin Metrics also sees positives in the fundamentals and the prospects for Bitcoin&#8217;s price growth.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">We might look back at 2020 as the de-facto year Bitcoin became Digital Gold.<\/p>\n<p>The median age of bitcoins outstanding is at an All-Time-High, showing a strong hodl base.<\/p>\n<p>At the same time, velocity is the lowest it\u2019s been since 2011, showing hodlers\u2019 reluctance to spend their BTC. <a href=\\\"https:\/\/t.co\/M6AQNu2J99\\\">pic.twitter.com\/M6AQNu2J99<\/a><\/p>\n<p>\u2014 Lucas Nuzzi (@LucasNuzzi) <a href=\\\"https:\/\/twitter.com\/LucasNuzzi\/status\/1331729225913671687?ref_src=twsrc%5Etfw\\\">November 25, 2020<\/a><\/p>\n<\/blockquote>\n<blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><br \/>\n&#8220;The median age of bitcoins in circulation is at a historic high, indicating a substantial number of hodlers. At the same time, coin turnover is at its lowest level since 2011. This suggests hodlers are unwilling to spend their money&#8221;.<\/p>\n<\/blockquote>\n<p>Earlier, the price of Bitcoin <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-breaks-above-19000\">broke through<\/a> the $19,000 level on the back of record <a href=\"https:\/\/u1f987.com\/en\/news\/spot-bitcoin-trading-volume-hits-year-to-date-high\">trading volume<\/a> on exchanges.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\\\"https:\/\/t.me\/forkloglive\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">ForkLog FEED<\/a> \u2014 the full news feed, <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s price decline accelerated over the past 24 hours. Bitcoin traded below $18,000.<\/p>\n","protected":false},"author":1,"featured_media":32375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[20,480],"class_list":["post-32374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-altcoins","tag-bitcoin-price"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=32374"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32374\/revisions"}],"predecessor-version":[{"id":32376,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32374\/revisions\/32376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/32375"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=32374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=32374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=32374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}