The price of Bitcoin (BTC) has been consolidating above $17,000 on Nov. 28 following a major correction from $19,400. In the near term, traders anticipate the dominant cryptocurrency to see another steep pullback.

There are three main reasons why traders expect a deeper drop to occur in the near future, namely,  historical cycles, the Fibonacci Sequence, and the record-high open interest of the futures market.

BTC/USDT 4-hour chart (Binance). Source: TradingView.comHistorical cycles hint at…

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