Over the past week, the Bitcoin price has been fairly stable in the range of $6,450 to $6,850. Today, BTC is finally making a big step and that’s not a positive one. In fact, the Bitcoin price has dropped today by about 7 percent to a low of $6,070.

The price drop reflects the performance of traditional stock markets. These markets also closed the day with considerable losses. The Dow Jones closed with a loss of 4.06% and the S&P recorded a loss of 3.37%.

Bitcoin price may fall further

For a few days now, traders have been expecting a sharp move. The price was too stable for too long and the volume decreased. BTC did not manage to get above $6,850 last week and that was not such a good sign. The fact that the stock market collapsed was the starting shot for a sharp price drop.

At the time of writing, the price has recovered a bit. It seems that $6,200 is now seen as support. However, if the price drops below this again, there is a good chance that the price will drop to $5,800.