Bitcoin Price Jumps Above After Elon Musk’s Bullish Tweet
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Bitcoin Price Jumps Above After Elon Musk’s Bullish Tweet

June 14, 2021      Jafrin Ahmed

Bitcoin jumped above $39,000 after Tesla Inc’s Chief Executive Officer (CEO) Elon Musk tweeted on June 13 that the electric car manufacturing company will resume accepting Bitcoin payments when miners who verify transactions use more renewable energy.

Elon Musk Says Tesla Could Accept BTC Again Under One Condition

Bitcoin price traded in gains after Tesla Chief Elon Musk indicated that electric carmakers will resume transactions with cryptocurrency when mining is done with cleaner energy, sending the cryptocurrency’s price over $39,000 level.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions,” he said in the tweet.

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His comment came in reply to a media report which cited Magda Wierzycka, the executive chair of South African asset manager Sygnia criticizing Musk for manipulating Bitcoin’s price.

Responding to this, Musk clarified that Tesla sold about 10% of its holdings to confirm Bitcoin could be liquidated easily without moving the market.

In February, Tesla announced on investing $1.5 billion in Bitcoin. A month later, he announced “you can now buy a Tesla with Bitcoin,” only to say in May that service was dismissed owing to concerns about fossil-fuel usage for Bitcoin mining and transactions.

Bitcoin Price Jumps Back Above $39,000 Following Musk’s Tweet

Following Musk’s future plan towards the leading cryptocurrency, Bitcoin gained as much as 10% above $39,000, the largest one-day percentage gain since June 9.

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Currently, the digital asset is trading between its weekly support at $32,000 and its weekly resistance at 200 Daily moving average of $42,000. A weekly close below $32,000 would indicate a bearish signal towards the flagship cryptocurrency.

On the other hand, Bitcoin’s stock-to-flow chart indicates that the crypto market might see a strong rebound in BTC prices.

Currently, it has deviated from the stock to the flow line. Based on similar past deviations, the market could rebound heavily to get back to the stock to flow line.  All this signals a bullish narrative for the crypto asset.

#Bitcoin #Elon Musk #Tesla
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.