{"id":471493,"date":"2021-09-13T22:00:48","date_gmt":"2021-09-13T22:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=471493"},"modified":"2024-06-11T13:58:34","modified_gmt":"2024-06-11T13:58:34","slug":"heres-real-reason-why-bitcoin-crashed","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/heres-real-reason-why-bitcoin-crashed\/","title":{"rendered":"Forget Walmart, Here’s The Real Reason Why Bitcoin Crashed"},"content":{"rendered":"

Just another Monday for Bitcoin as the market rallied and immediately crashed over a fake Litecoin partnership with Walmart. BTC\u2019s price turned green quickly after as it came out of a sideways weekend.<\/p>\n

At the time of writing, Bitcoin and other major cryptocurrencies record small losses. BTC\u2019s price trades at $44,669 with a 2.5% and 13.4% loss in daily and weekly charts,<\/a> respectively.<\/p>\n

\"Bitcoin
loosesh minor losses after a flash crash in the daily chart. Source: BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n

Analyst Ali Martinez showed that current levels could prove to be \u201cweak\u201d 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.<\/p>\n

Thus, if BTC\u2019s 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.<\/p>\n

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#Bitcoin<\/a> sits on weak support! \ud83e\udd74<\/p>\n

The IOMAP shows that 150K addresses had previously purchased over 440K $BTC<\/a> between $42,900 and $44,220.<\/p>\n

A downswing below this demand wall might encourage traders to sell, increasing the odds for a bearish impulse toward $37,600-$40,250. pic.twitter.com\/RJTA3yy4nK<\/a><\/p>\n

— Ali (@ali_charts) September 13, 2021<\/a><\/p><\/blockquote>\n