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 2.5% on concerns over the new coronavirus strain in the U.K.
BTC price hits $22,600
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.