Having hit upwards of $48,000 on Monday thanks to Tesla’s $1.5 billion buy-in, Bitcoin saw sellers line up closer to the psychologically significant $50,000 barrier. Thereafter ensued a consolidation period which briefly saw a return to near $43,000 in the past 24 hours.
-
-
Bitcoin Shorters Beware! Market lies in wait for $50,000
Thin resistance between spot price and the $50,000 hurdle amid more public endorsement of corporate Bitcoin buying
Broadly thought to be a watershed moment for the cryptocurrency, Tesla’s buy-in had proponents arguing that other big tech firms would have no choice but to follow. Thereafter, naysayers voiced caution, arguing that Bitcoin’s volatility itself would stop smaller outfits converting a significant portion of their treasury.
-
Elon Musk's Tesla buy pumped BTC to its biggest single-day gain ever on Monday—and the impact is still reverberating (Photo: CoinMarketCap)Markets Report: Bitcoin tipped for $50,000 next as Tesla upends expectations
The shock $1.5 billion from Elon Musk’s company continues to ricochet among investors and mainstream consumers
Bulls were already confident prior to Monday’s news, with Bitcoin passing $40,000 over the weekend. Elon Musk’s company then set the market alight with its filing with U.S. regulators and Bitcoin subsequently hit new record levels of $48,200.
-
Markets Report: Crunch time for Bitcoin as Tesla buys $1.5 billion in BTC
Bullish price action meets its match as Tesla appears to commit to a pro-Bitcoin future, buying the cryptocurrency and paving the way for payments
After a promising week’s trading, BTC/USD rose above the upper limit of its $10,000 trading corridor on Saturday before correcting, with $40,000 support still out of reach. A sudden move from Tesla then changed the atmosphere entirely. What’s next?
