Bitcoin (BTC) dropped below $18,000 on December 9 in the latest extension of its bearish comedown from all-time highs.
Data from Cointelegraph Markets, Coin360 and TradingView indicated that during trading, hours after a crucial moving average amount also gave way, BTC/USD lost $18,000 of support. New lows near $17,600 emerged at press time, with 24-hour losses totaling more than 7 percent.
Since support was lost higher up, the situation was tenuous for Bitcoin, with exchange details indicating consumer demand just lined up at $16,200 in vast numbers. An immediate rejection at close to $20,000 last week was provided by Converse selling pressure.
“Third test of support and breakdown,” summarized Cointelegraph Markets analyst Michaël van de Poppe to his Twitter followers on Wednesday. “Testing levels multiple times doesn’t make the level stronger. Downtrend likely to continue? I think so, unless $18,500–18,700 is reclaimed, I think we’ll continue correcting.”The press-time range was still a subject of interest among traders who were wary of a $1,300 CME potential gap that remained unfilled. With the bottom level just below $17,000, in the short term, there was additional benefit for Bitcoin to slide higher.