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%.
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.
$22,800, he added in comments over the weekend, forms a crucial area to hold in order to preserve the prospects of further upside.