The BTC falls below an important level to preserve the chances of further highs as volatility reappears in Monday’s trading.
Bitcoin corrects up to $22,400 after writing down weekend highsMARKET
Bitcoin (BTC) lost support of $23,000 on Dec. 21 as Monday’s talks brought an expected correction. The move comes at a time when futures in the US also fell in pre-market hours by about 2.5% due to concerns about the new variation in coronavirus in the UK.
BTC drops to US$ 22,400
Data from Cointelegraph Markets and TradingView showed BTC/USD reaching lows of US$ 22,410 so far, with losses in 24 hours totaling about 3.3%.
BTC / USD hourly chart (Bitstamp). Source: TradingView
The move confirms the suspicion among analysts that Bitcoin should shrink after a week of almost constant gains. Traders now have their eye on $20,000, which the order book data represents a potentially strong support level.
At the beginning of last week, the largest cryptomeda was still below $19,500, a level that Michaël van de Poppe, an analyst at Cointelegraph Markets, believes can now form a short term target price.
The $22,800, he added in comments over the weekend, is a crucial area to maintain in order to preserve the prospects Bitcoin Pro of further appreciation.
The main altcoin tokens saw a rapid indirect effect of the Bitcoin losses, with leader Ether (ETH) having a 6% dive a day.
Overview of the cryptomime market. Source: Coin360
Litecoin (LTC) drops 8.5% so far, while XRP loses 7.4% to reach US$