After a period of extremely low volatility, Bitcoin is making a significant move to the downside.
The leading cryptocurrency is down 3.46% at $9,860, according to COIN360.
The drop is also pulling down the altcoin market, with Ethereum down 3.58% at $205.58, XRP down 4.12% at $0.2925 and Litecoin down 2.79% at $73.73.
According to the margin trading monitor Datamish, the sudden dip triggered $100 million in BTC long positions on BitMEX.
The price of Bitcoin had narrowed in recent weeks, leading many analysts expecting a big move was on the horizon.
Analyst Josh Rager says $9,400 is now the line of support traders should look out for.
“Not really worried unless price breaks and closes below $9400 again. This is the area to keep an eye on.”