Bitcoin Price Drops $200 in Minutes as $10.2K Support Shows Cracks

Bitcoin Price Drops $200 in Minutes as $10.2K Support Shows Cracks

Bitcoin (BTC) price suddenly dropped by roughly $200 in minutes on Sept. 16 as commentators nevertheless revealed broad belief that upwards growth is imminent. 

Market visualization. Source: Coin360
price should eye $10,700 to spark uptrend
Data from Coin360 revealed a rare period of almost level trading for overnight, having spent the weekend trading in a narrow corridor between $10,175 and $10,435. 
Press time levels of $10,160 nonetheless showed a lack of support for $10,300, which had characterized the largest since Sept. 13. Previously, a more volatile week saw highs of $10,900 and lows of $9,950.

seven-day price chart. Source: Coin360
Now, however, analysts believe the status quo is due for another shake-up. As oil prices grew on Monday in the wake of tensions in Saudi Arabia, Skew Markets noted was unusually less volatile than the black gold. 
This style of behavior, DTAP Capital founder Dan Tapeiro argued, was unlikely to last much longer. 
chart is very close to upside breakup. Strong close over 10,700 trendline should really accelerate,” he wrote in a Twitter update on Monday. 
Fellow trader and .Live contributor Chronis cited current volatility chart readings as historically sparking significant Bitcoin price moves.
Cointelegraph contributor Filb Filb likewise saw the potential for rougher conditions, arguing on his Telegram channel that BTC/USD must close above $10,200 to guarantee support for a rebound. 
On fiat markets meanwhile, analyst Holger Zschaepitz noted, it was oil-producing nations’ currencies that gained from the Saudi worries, while those of consumer states dropped as oil prices increased and output fell 5%. 
Altcoins fall flat against sudden Ether pump
Altcoins produced a mixed bag for investors at the start of the week. Against ’s flat moves, many of the top twenty cryptocurrencies saw light losses of up to 1.5%.
Bucking the trend was the largest altcoin Ether (ETH), which put in daily gains of 2.4% to hit $194. Having previously languished at $170, Monday’s rate was its strongest since mid-August.

See also  Report suggests $1 million of ransomed Bitcoin was cashed out on Binance

Ether seven-day price chart. Source: Coin360
The overall market cap stood at $267 billion, with Bitcoin making up 69.5% of the total.
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