Bitcoin Loses Steam, Price Correction Takes it Near $22,000
After failing to consolidate above the level of $23,800, Bitcoin (BTC) declined sharply to hit $22,278, reflecting a loss of 5% in the last 24 hours.
Notably, the decline in crypto markets is also resonating in other financial markets, with the US futures dropping 2.5% in pre-market hours on worries over a fast spreading strain of coronavirus in the UK.
The decline affirms forecasts by analysts that Bitcoin is due for a price correction after a week of splendid gains. Traders now expect Bitcoin (BTC) to test $20,000, which market-depth info indicates as robust support level.
At the beginning of last week, the numero uno crypto was trading below $19,500, a long-term resistance level, which is now expected to act as a major support for the cryptocurrency. A crossover of minor resistance at $22,800 will enable the crypto to regain $24,000 level.
Other altcoins have also followed suit, with Ether (ETH) losing 5.7% to trade at $609.70. Likewise, Litecoin (LTC) has lost 6.5% to close at $106.80. Bitcoin cash (BCH) has lost 8.2% to trade at $323.40. Stellar has lost 6.8% to trade at $0.1656.