FX.co ★ The new hype from Tesla did not help Bitcoin

What happened today is what we personally expected in the last week. Bitcoin has started a new round of corrective movement and has worked out the critical Kijun-sen line, which lies at the level of $52,300. It is believed that the $52,300 support is the first important support on bitcoin's way down. If the bulls fail to keep the "digital gold" above this level, the quotes will most likely fall to the second support area, which is located near the levels of $43,000 and $44,000. As we have already drawn the attention of traders in our recent articles, each subsequent upward momentum of bitcoin was weaker than the previous one. This suggests that the upward trend is either completed or nearing completion. It has already been mentioned that the year of the upward trend for bitcoin is a lot. Previously, the cryptocurrency did not show any longer upward trends, ergo, it is quite possible that the time has come to start the fall.

Bear in mind that the value of bitcoin is determined only by the faith of investors and traders in it. As long as the participants of the cryptocurrency market believe that bitcoin will continue to grow, they buy it, and this provokes growth. But when the markets start to think that there will be no further growth, they begin to slowly get rid of it, which naturally provokes a drop in quotes. Many cryptocurrency experts try to support the demand for bitcoin using various tricks, and sometimes outright misinformation. It has previously been mentioned that if a person owns bitcoin for an amount exceeding a million dollars, then that person's forecasts about the growth of the value of bitcoin to $100,000 per coin or to $1,000,000 per coin can be safely ignored. It is simply because this person is interested in making the cryptocurrency continue to rise in price. Given recent research, moving just 10,000 coins can cause the value of a bitcoin to rise or fall by 1%. This means that the bitcoin exchange rate does not need much to show a strong fall or growth. Therefore, all crypto millionaires and billionaires are naturally interested in keeping the hype as long as possible and try to maintain it informatively as long as possible.

This is roughly what Elon Musk has been doing in recent weeks and months, who had previously been fined by the US Securities and Stock Market Commission for comments that he had no right to voice. But Musk was not intimidated by this story, and in 2021, he continued to comment. However, it is no longer Tesla shares, but bitcoin, simultaneously investing money in it. The latest information came from Tesla, which introduced the ability to buy its electric cars using bitcoins and immediately announced that it was not going to transfer cryptocurrency to fiat immediately after each transaction. At the same time, it is difficult to believe that this statement is honest and frank. If bitcoin starts to fall, everyone will transfer the cryptocurrency to fiat as quickly as possible to avoid monetary losses. This time, the markets responded with purchases of bitcoin against the background of the news from Tesla, but they did not last very long. Today, it is necessary to keep an eye on the level of $52,300. Its overcoming will mean the preparedness of the markets for new sales of BTC to the levels of $43,000-44,000 per coin.