Analysis: Bitcoin's price drop was triggered by selling from long-term holders, rather than from institutions or a Bitcoin spot ETF.

BlockBeats News, November 26th, according to Cointelegraph, Bloomberg's Senior ETF Analyst Eric Balchunas stated that it was not institutions or a Bitcoin spot ETF that caused the Bitcoin price drop. Data shows that it was long-term holders that caused the price drop.

This pullback occurred after Bitcoin set its largest monthly candle in history, first breaking $99,000 on November 22nd. Some analysts still expect Bitcoin to break $100,000 and reach a new all-time high before the end of this month.

Cryptocurrency trader and technical analyst Kyle du Plessis stated, "Long-term holders of Bitcoin sold 128,000 BTC, but the U.S. spot ETF absorbed 90% of the selling pressure. Strong institutional demand is driving Bitcoin's rise, pushing it toward the $100,000 milestone."