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

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

Cryptocurrency market overview from Coin360

Analyst: BTC price should “keep correcting”

Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD losing $18,000 support during trading, hours after a critical moving average level also gave way.

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At press time, new lows near $17,600 were appearing, with 24-hour losses totalling more than 7%.

BTC/USD 3-day chart. Source: TradingView

The situation was tenuous for Bitcoin after support was lost higher up, with exchange data showing buyer interest only lined up in significant amounts at $16,200. Converse selling pressure had provided an instant rejection at close to $20,000 last week.

BTC/USDT orderbook heatmap. Source: Material Indicators

“Third test of support & breakdown,” Cointelegraph Markets analyst Michaël van de Poppe summarized to Twitter followers on Wednesday.

“Testing levels multiple times doesn’t make the level stronger. Downtrend likely to continue? I think so, unless $18,500-18,700 is reclaimed, I think we’ll continue correcting.”

The press-time range had already formed a topic of interest among traders, who were wary about a $1,300 CME futures gap remaining unfilled. With the bottom level just below $17,000, there was additional impetus for Bitcoin to fall further in the short term.