The now-refuted news about Walmart’s listing of Litecoin on its e-commerce platforms spurred a quick intraday whipsaw on several cryptos, including Bitcoin. Many liquidations have occurred as traders caught by the fake news have been left rueing their losses.
In what is now becoming a familiar fake-news-pump-dump cycle, Bitcoin prices shot up nearly $2000 from the intraday lows, but was forced to give back all those gains and a little more after Walmart issued a statement refuting the rumoured Litecoin partnership.
This scenario leaves any bullish Bitcoin price predictions up in the air as Bitcoin prices continue to scramble to find sustainable support below the $46,200 price mark.
As of writing, bitcoin prices remain 3.4% lower, trading within the range formed by 43570 and 46200.
Bitcoin Price Prediction
If the price picture ends the day as shown, a bearish engulfing pattern would have formed. This opens the door for bears to attach the 43570 support, aiming to re-establish a correction towards the 40750 price level and 37,455 if this price mark fails to hold.
Conversely, only a break of the upper limit of Monday’s intraday range at 46200 would change the bearish Bitcoin price prediction outlook. Bulls would then look to push prices above 47500, opening the door towards the 50,000 psychological resistance.
Bitcoin Price: Daily Chart
Follow Eno on Twitter.