Tuesday Sept. 24 — Bitcoin's price has retraced rapidly from $9,800 to $8,150 in less than a day for the first time in months.

Bitcoin 24-hour price chart. Source: Coin360

Bitcoin prices crashed hard — dropping almost $800 in a few minutes to show double-digit losses. It was down 11.4% and trading at $8,150 as of publishing time.

According to data from Coin360, Bitcoin investors are experiencing a painful Tuesday, with BTC/USD hovering close to $8,100. Bitcoin’s rapid drop below $9,800 was the latest move in what was otherwise a slow grind downwards, which began at the beginning of September.

Cointelegraph contributor Crypto Michaël recently said that the next Bitcoin price zone to watch lay immediately below the $9,800 trading levels. He added:

“Break that and investors could look forward to a test of $7,500 support.”

Bitcoin seemed to be stabilizing around the $8,150 price mark at the time of writing.

The overall cryptocurrency market cap stands at $222 billion at press time, having lost a whopping $20 billion in less than an hour. Bitcoin’s share sits at 69.2%.