Bitcoin Price Analysis: Elon Musk Said at The “B-Word” Conference That SpaceX Has BTC

  • Tech entrepreneur and Billionaire Elon Musk, saying that he personally owns BTC, ETH, and Dogecoin
  • The price trend of Bitcoin is upward by 1% during the intraday trading session
  • Bitcoin’s 24-hour trading volume is 25,673 billion US dollars
BTC/USD on TradingView

Elon Musk showed confidence in BTC at the B-Word conference. Moreover, The daily technical chart of BTC price movements predicts the upward trend. According to the pivot point (FIB), the important support levels for BTC are $30665 and $27842. Conversely, if it progresses up, the resistance level to watch is $35,150. Although the chart forms a bearish Harami candlestick pattern within the day, it is predicted that the price may quickly reverse and drop, with average reliability.

The exponential moving average (EMA) composed of 50,100,200-EMA can support the changes in the token price. Investors can view that the price is underneath the orange line, which confirms the current downtrend, so the bears will confirm the downtrend of BTC as the price stays below the EMA-200.

Volume of (1.573K) is below the MA of 20-days (7.069K). Selling pressure is low in Bitcoin, causing its price to settle near the support zone. Investors may also perceive that the volume bars on the chart are declining, which indicates that significant volatility is expected in the upcoming trading session.

The CCI indicator gave a (Bearish) signal with -48.35, projecting a sell signal in the coin. Investors may observe an inclining slope from -185 to -48. It may plunge in future trading sessions.

Elon Musk Says Tesla May Recover Accepting BTC Payment

Elon Musk and various cryptocurrency communities The love-hate relationship continues to develop rapidly while sharing more details about his and his company’s holdings at a meeting held on Wednesday in B-Word.

Musk said that one of his private companies, the aerospace company SpaceX, owns BTC. SpaceX’s Bitcoin holdings have not been disclosed before. The entrepreneur stated that he personally owns Bitcoin, ETH, and Dogecoin.

The automaker Tesla’s BTC package has been exposed. The CEO said that as of February, the company still had this asset in its warehouse. On Wednesday, the price of Bitcoin hit its most significant increase since mid-June. Once upon a time, the largest cryptocurrency changed hands at the cost of $32,800. It has risen by more than 10% in the past 24 hours, but it has dropped to around 6%.

According to Mattie Greenspan, founder of quantum economics, the spike in bitcoin prices early on Wednesday was partly due to expectations of this event. When Tesla again accepted Bitcoin for car payments, Musk said that grid power usage is getting better and better, and Tesla is doing more due diligence at this point, but Tesla “may” recover Accept BTC payment.

After Musk first announced in May that Tesla would no longer accept Bitcoin as payment for its products, the price of Bitcoin dropped sharply due to concerns about the amount of energy used to mine Bitcoin.

Musk also asked Jack Dorsey, CEO of Twitter and Square, whether he would consider accepting Bitcoin as a payment from Twitter advertisers as a way to support cryptocurrency. Dorsey responded that he agrees with this concept but is more focused on creating “economic incentives for the network itself instead of relying on advertising.”

When Musk forced him to answer whether he would allow advertisers to pay with Bitcoin, Dorsey smiled and did not immediately promise to do so.

Resistance: $42.5K

Support: $30K

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