BTC dips below an essential level to preserve upside chances with volatility reappearing in Monday trading.
Bitcoin (BTC) lost $23,000 support on Dec. 21 as Monday trading saw a long-awaited correction begin to take shape. The move comes as U.S. futures also dropped by roughly 2.5% on concerns over the new coronavirus strain in the U.K.
BTC price falls to $22,400
Data from Cointelegraph Markets and TradingView showed BTC/USD hitting lows of $22,410 at press time, with 24-hour losses totaling around 3.3%.
The move confirms suspicions among analysts that Bitcoin is due for a retracement after a week of near-constant gains. Traders are now eyeing $20,000, which orderbook data pains as a potentially formidable support level.
At the start of last week, the largest cryptocurrency was still at under $19,500, a level which Cointelegraph Markets analyst Michaël van de Poppe believes could now form a short-term price target.
$22,800, he added in comments over the weekend, forms a crucial area to hold in order to preserve the prospects of further upside.
Altcoins feel the pain
Major altcoin tokens saw a swift knock-on effect from Bitcoin’s losses, with leader Ether (ETH) seeing a 6% daily dive.
Litecoin (LTC) was down 8.5% at press time, while XRP lost 7.4% to hit $0.53.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.