Bitcoin price drops to $ 27.7,000 to fill the huge futures gap in its biggest drop in $ 20,000

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Bitcoin (BTC) lost $ 30,000 of support on Jan. 4 as all-time highs gave way to a rapid retracement totaling thousands of dollars.

BTC price drops $ 4,000 in 60 minutes

Data from Cointelegraph Markets, Coin360 and TradingView showed BTC / USD lost more than 12% in just an hour on Monday.

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The withdrawal picked up speed on Sunday after troubled trading behavior overnight. Altcoins rose to have an ever larger share of Bitcoin’s market cap dominance.

At press time, the lows of high volatility were concentrated at $ 27,700 while the recovery climbed to nearly $ 30,000.

BTC / USD 1-minute candle chart (Bitstamp). Source: TradingView

Exchange activity spiked, data showed, and inflows rose dramatically the day after traders removed money last week.

Bitcoin Exchange Flow Chart. Source: CryptoQuant

“We just woke up to the biggest BTC slump we’ve had since breaking 20,000,” summarized Venture Coinist podcast host Luke Martin.

“20% less than the peak … my brain is not used to 28,000 being a 20% drop.”

CME void sees an unlikely immediate filling

These have brought Bitcoin in line with the short-term predictions made by Cointelegraph Markets’ analyst Michaël van de Poppe, who identified the lower bound for Bitcoin in his latest YouTube video update.

“If we want to see some support zones on Bitcoin and expect where we will move from, the first area is at $ 29,600, the second at $ 27,600,” he said shortly before the big losses.