Forget Walmart, Here’s The Real Reason Why Bitcoin Crashed

Forget Walmart, Here’s The Real Reason Why Bitcoin Crashed

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

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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

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