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

Concern over Saudi Arabia drone strikes have sent oil volatility higher than Bitcoin’s, but analysts believe that will change.

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

Market visualization. Source: Coin360

Bitcoin price should eye $10,700 to spark uptrend

Data from Coin360 revealed a rare period of almost level trading for Bitcoin 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 cryptocurrency since Sept. 13. Previously, a more volatile week saw highs of $10,900 and lows of $9,950.

Bitcoin seven-day price chart

Bitcoin 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 Bitcoin was unusually less volatile than the black gold. 

This style of behavior, DTAP Capital founder Dan Tapeiro argued, was unlikely to last much longer. 

“Bitcoin 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 Bitcoin.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 Bitcoin’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.

Ether seven-day price chart. Source: Coin360

The overall cryptocurrency market cap stood at $267 billion, with Bitcoin making up 69.5% of the total.

Keep track of top crypto markets in real time here

Visit the USSA News store!
Click this link for the original source of this article.
Author: William Suberg

This content is courtesy of, and owned and copyrighted by, and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact the administrator by using the contact form located in the top-left menu. Your request will be immediately honored. Please visit for more terrific, conservative content. The owner of this website may be paid to recommend American Bullion. The content of this website, including the positive review of American Bullion, the negative review of its competitors, and any other information may not be independent or neutral.