Crypto traders are reeling from a sharp and sudden drop in the price of Bitcoin (BTC).

BTC went from about $9,600 to $8,600 in an instant, according to data compiled by CoinMarketCap. It is currently at $8,749 at time of publishing, down 11.40% in the last 24 hours.

Analyst Josh Rager says BTC needs to stay above $8,400 to avoid a bigger move to the downside.

“Tick tock it’s officially Sunday UTC, time to let the BTC games begin. $9100 couldn’t hold – that was a key area. Bitcoin looks like it hit local top and to be heading down to $7k land if this closes below $8400 (grey box). Expect more volatility today – seat belts…

Nice wick on the 4 hour so far, buyers stepping in. More downside could come but holding above $8600 support would be a good start.”

Source: Josh Rager/Twitter

The crash is pushing the altcoin market into deep red territory.

Ethereum is down 10.19% at $191.91. XRP is down 9.94% at $0.1985, and Bitcoin Cash is down 12.92% at $235.16. Here’s a bird’s-eye view of the market from COIN360.

Source: COIN360

This is Bitcoin’s first correction since its huge rally from a low of $4,183 on March 12th to a high of $9,987 on Friday.

BTC began the year at $7,203 and is up 21.46% year-to-date.

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