Bitcoin plunges below $18,000 — Here are the levels to watch next

Bitcoin (BTC) fell beneath $18,000 on Dec. 9 within the newest continuation of its bearish comedown from all-time highs.

Cryptocurrency market overview from Coin360

Analyst: BTC worth ought to “hold correcting”

Information from Cointelegraph Markets, Coin360 and TradingView confirmed BTC/USD dropping $18,000 assist throughout buying and selling, hours after a crucial shifting common degree additionally gave manner.

At press time, new lows close to $17,600 have been showing, with 24-hour losses totaling greater than 7%.

BTC/USD 3-day chart. Supply: TradingView

The scenario was tenuous for Bitcoin after assist was misplaced increased up, with change knowledge exhibiting purchaser curiosity solely lined up in important quantities at $16,200. Converse promoting stress had supplied an immediate rejection at near $20,000 final week.

BTC/USDT orderbook heatmap. Supply: Materials Indicators

“Third take a look at of assist and breakdown,” summarized Cointelegraph Markets analyst Michaël van de Poppe to his Twitter followers on Wednesday.

“Testing ranges a number of occasions doesn’t make the extent stronger. Downtrend prone to proceed? I believe so, except $18,500–18,700 is reclaimed, I believe we’ll proceed correcting.”

The press-time vary had already shaped a subject of curiosity amongst merchants, who have been cautious a few $1,300 CME futures hole remaining unfilled. With the underside degree slightly below $17,000, there was extra impetus for Bitcoin to fall additional within the quick time period.