Written by William Subergstaff writerReviewed by Allen Scottstaff editorBitcoin price drops to $22.4K after weekend all-time highs
MarketsPublishedDec 21, 2020
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 in pre-market hours 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%.
BTC/USD hourly chart (Bitstamp). Source: TradingView
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 paints 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.
Cryptocurrency market overview. Source: Coin360
Litecoin (LTC) was down 8.5% at press time, while XRP lost 7.4% to hit $0.53.
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This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
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