After the crypto market saw the Bitcoin surge over $1,200 during a four-day run that resulted in the price reaching $7,827 on November 29, Bitcoin decided to pause to catch its breath on November 30.
According to CryptoCompare, at the time of writing (around 18:02 UTC on November 30), Bitcoin is trading at $7,524, down just over 2.5% in the past 24-hour period:
Perhaps, this is a case of Bitcoin investors taking a break after the Black Friday shopping spree during which demand took the Bitcoin price from $6,575 at 05:00 UTC on November 25 to $7,827 at 15:00 on November 29.
Or maybe Bitcoin is down today is due to the slight nervousness and uncertainty in the crypto market as the result of the announcement on Friday (around 18:17 UTC) by the office of Geoffrey S. Berman, the United States Attorney for the Southern District of New York, regarding the arrest of Virgil Griffith, who works as a research scientist for the Ethereum Foundation.
As for an explanation of Bitcoin’s price action based on technical analysis, crypto analyst/trader Josh Rager had this to say earlier today:
$BTC could be reversing here after a short term uptrend
Remember, the overall trend has been down, though price can’t move straight down and this relief was needed short term
Price could have certainly hit local top here as we move closer to the weekly close pic.twitter.com/2RrAMLWulD
— Josh Rager 📈 (@Josh_Rager) November 30, 2019