Bitcoin (BTC) lost $ 23,000 in support on December 21 as trading began to take shape on a much-anticipated correction on Monday.
BTC price hits $ 22,600
The movement confirms suspicions among analysts that Bitcoin is due for a retracement after a week of near constant gains. Traders are now looking at $ 20,000 which hurts order book data as a potentially formidable level of support.
Early last week, the largest cryptocurrency was still below $ 19,500, a level that Cointelegraph Markets analyst Michaël van de Poppe the view may now constitute a short-term price target.
$ 22,800, he added in comments over the weekend, is a crucial area to hold onto to maintain the outlook for further upside potential.
Altcoins feel the pain
Major altcoin tokens saw a rapid domino effect from Bitcoin’s losses, with leader Ether (ETH) see a daily dive of 6%.