Bitcoin price drops to $22.4K after weekend all-time highs

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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 in pre-market hours by roughly 2.5% on concerns over the new coronavirus strain in the U.K. 

BTC price falls to $22,400

Data from Cointelegraph Markets and TradingView showed BTC/USD hitting lows of $22,410 at press time, with 24-hour losses totaling around 3.3%.

BTC/USD hourly chart (Bitstamp). Source: TradingView

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 paints 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.