Bitcoin (BTC) has lost more than 14% of its value in today’s trading session as the entire cryptocurrency market crashes. The biggest cryptocurrency has gone as low as $5,375, which is a decrease of almost $900 in a matter of just the last couple of hours.

A breach of the crucial support around the $6,000 zone has caused many stops to be triggered, and the price quickly slid way below the support (Graph 1). It is obvious now that the huge amount of stop-loss orders have been placed below the support as Bitcoin lost as much as $400 in less than one hour of trading.

Graph 1. Bitcoin (BTCUSD) daily chart

The push lower has stopped at $5,375, which represents the weekly low at the end of October 2017. Thus, Bitcoin has just made a 13-month low, while the market cap has fallen below $100 billion for the first time in more than a year as well. Graph 1 depicts the magnitude of the move, as a long red candle is in the process of development.

Looking at the lower time frame (Graph 2), the price stopped exactly at the October 2017 low, before correcting slightly higher. Moreover, the 127.2% Fibonacci extension is located around $5,500. The daily close should be monitored closely as any close below the 100 weekly, currently moving at $5,812 should represent a highly bearish scenario for the bulls. Although the coin has recovered a minor part of its losses, it is difficult to expect a recovery above the 100 WMA tonight.

Graph 2. Bitcoin (BTCUSD) 4H chart

Closely above the 200 WMA is the horizontal support (the blue upper line), around the $5,900 handle. Thus, any retracement higher should be limited due to the confluence of strong resistance. As nothing is happening in the vertical department, a correction is likely. However, how long the bears can sustain this bearish environment remains to be seen.