BTC traders caught off guard: 3 reasons Bitcoin dropped 2% in just 1 hour

The price of (BTC) declined by 2% in under an hour in a sharp correction on Nov. 2, catching traders off guard. Coincidentally, the futures market opened with a new gap, making $13,100 an area of interest for sellers.

Three technicals reasons likely fueled the abrupt decline in the price of Bitcoin: CME gap, major resistance and monthly moving averages (MAs).

Bitcoin CME gaps on price chart. Source: Zack Voell, TradingView.com
The monthly price chart of Bitcoin. Source: TradingView.com