So it is the Holiday season and it was Xmas. How many people dived into their Bitcoin hoard to buy Xmas gifts and also paid for a nice holiday with their family?
We saw a huge increase in the price, early in the season and this might have triggered a situation where people rewarded themselves with some "Gifts" for the holiday season.
The direct impact of that would have been a higher influx of coins onto the exchanges and if that was not met with a higher demand for coins, then it would explain the drop in the price.
Did you splash out with some expensive gifts and extravagant holidays with your bitcoins, during the holiday season?
As we can see, before this holidays came we can see the huge changes in bitcoin and one of the reason was because of holidays. Yes you are right that some people sold their bitcoin just to buy a present for their love ones or just to buy a food a for the Christmas and New Years Eve. But As we can see now bitcoin price is now increasing again and I believe it will beat the highest record of bitcoin price.