On Thursday (11 October 2018), Bitcoin (BTC), the flagship cryptocurrency, dropped over five percent in 30 minutes, falling below $6,200 for the first time since mid-August.

According to data from CryptoCompare, around 00:50 UTC, Bitcoin was trading at $6,535. Just 30 minutes later, it had dropped over 5.2% to $6,191. Here is the one-day chart:

BTC One Day Chart - 11 Oct 2018.png

If you look at the one-month chart below, you will see that this the first time that the Bitcoin price has dropped below $6,200 since 15 August 2018:

BTC 3 Month Chart - 11 OCt 2018.png

At press time, the BTC price has recovered slightly to $6,284, still down 4.23% in the past-24 hour period.

Until just five days ago, Bitcoin’s price volatility was so low that a few people in the crypto space were making the joke that Bitcoin has become the latest stablecoin, with Bloomberg reporting that Bitcoin had hit an inflection point with volatility at a 17-month low.

According to MarketWatch, on 9 October 2018, Rob Sluymer, Head of Technical Research at Fundstrat Global Advisors, issued the following warning in a recent research note:

“Investors should remain patient and wait for evidence of an improvement in ‘trend’ before increasing exposure. A move above the September real and relative highs remains the key resistance/reversal level that will need to be exceeded to signal the early stages of a trend reversal.”

The negative sentiment in the crypto markets extends beyond Bitcoin, of course, with all top 30 cryptocurrencies currently in the red, with Ethereum (-11.5%), XRP (-13.52%), Bitcoin Cash (-12.73%), and IOTA (-13.25%) suffering some of the biggest losses.

Over at crypto derivatives exchange BitMEX, the action was fast and furious:


Crypto trader and technical analyst Alex Krüger offered the following perspective on today’s Bitcoin price action:


Featured Image Credit: Photo via Pexels.com