Bitcoin plunged as much as 17% on Monday, its biggest single-day decline since March. It fell back below the $30,000 threshold at intraday lows just one session after hitting a record high of $34,792.47.
The cryptocurrency is experiencing severe volatility on the heels of a 171% surge in the fourth quarter of 2020. Bitcoin also notched astronomical gains for the full year 2020, with its 305% return making it one of the top-performing assets of the year.
"The long-term outlook for both bitcoin and Ethereum remains skewed to the topside," said Daniel Moss, an analyst at DailyFX. "However, both cryptocurrencies could be at risk of a near-term pullback as their respective surges appear relatively overextended."
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