3 reasons why Bitcoin price abruptly dropped 6% after reaching $15,800

The price of Bitcoin (BTC) rose to as high as $15,840 before crashing to $14,800. Just 5 hours after reaching an intraday top, the dominant cryptocurrency dropped over 6%. Thi massive spike in volatility was likely caused by three major factors.

The three catalysts for the abrupt downtrend were the recovery of the dollar, the decline in gold price as Pfizer announced that its COVID-19 vaccine trials are producing positive results, and whales dumping BTC.

BTC/USD 4-hour chart. Source:…

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