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. 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 had previously purchased over 440K $BTC between $42,900 and $44,220. 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 — Ali Martinez (@ali_charts) September 13, 2021 Analyst Checkmate for Glassnode Insights claimed that the recent crash, that saw Bitcoin dropped from $52,000 to $43,000, was triggered by yet more over-leverage positions in the derivatives market. Most of the traders in this sector were taking long positions. Th...
