Bitcoin has been quiet since late August but it might be starting to make a move. It fell $400 in short order in the past few minutes.


I strongly suspect that's technical selling after a break of $19,500 to the lowest since July 13.

The drop puts it in a dangerous place and at risk of retesting the lows of the year.

bitcoin daily chart Sept 6
bitcoin daily chart

The zone around $19,000 to $18,600 is now key support but if confidence begins to crumble we could get there quickly.

Ethereum has been holding up the crypto market lately on hopes for a surge after the merge. It remains up 2% today and there is a lot of switching going on due to energy concerns around BTC.

For broader markets, this year bitcoin has been a decent barometer of shifts in sentiment, though less so lately.