Just another Monday for Bitcoin as the market rallied and immediately crashed over a fake Litecoin partnership with Walmart. BTC’s price turned green quickly after as it came out of a sideways weekend.
At the time of writing, Bitcoin and other major cryptocurrencies record small losses. BTC’s price trades at $44,669 with a 2.5% and 13.4% loss in daily and weekly charts, respectively.
loosesh minor losses after a flash crash in the daily chart. Source: BTCUSD Tradingview
Analyst Ali Martinez showed that current levels could prove to be “weak” support. The In/Out of the Money Around Price (IOMAP) indicator, used to measured potential support/resistance levels, indicate that around 150,000 addresses bought Bitcoin in the $42,900 to $44,220 region.
Thus, if BTC’s takes another dive below those levels, it could probably return to the high in the $30,000 region with $40,250 to $37,600 acting as the next support.
#Bitcoin sits on weak support! 🥴
The IOMAP shows that 150K addresses