As Monday trading saw a long-awaited correction begin to take form, Bitcoin lost support of $23,000 on December 21. The move came when U.S. futures also declined by approximately 2.5 percent in pre-market hours on worries regarding the latest strain of coronavirus in the U.K.
Cointelegraph Markets and TradingView data revealed that at press time, BTC/USD reached lows of $22,410, with 24-hour declines totaling about 3.3 percent. The change confirms analysts’ expectations that after a week of near-constant gains, Bitcoin is due for a retracement. Traders are now looking at $20,000, which paints the orderbook data as a potentially formidable level of support.
The largest cryptocurrency was already under $19,500 at the beginning of last week, a level that Cointelegraph Markets analyst Michaël van de Poppe claims may now represent a short-term price goal.
In comments over the weekend, he said, $22,800 shapes a crucial area to keep in order to retain the chances of more upside.