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Bitcoin has risen in price sharply and it was with the involvement of Elon Musk again

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Over the past day, the bitcoin cryptocurrency has risen in price by $5300. This is indeed a lot, but for Bitcoin, it is not so much. After the quotes failed to overcome the $30,500 level twice, many began to have doubts about the ability of the cryptocurrency to continue moving down. However, from our point of view, everything is going exactly according to plan. The cryptocurrency cannot fall by 80-90% of its value in a month and a half! At its peak, it was already losing about 56% of its value in just five weeks. Thus, a further drop in bitcoin quotes right now is probably already unlikely. At least until the $30,500 level is overcome, we definitely do not expect a new fall. In addition, it would be nice for "digital gold" to correct upward, at least to the Kijun-sen line, which lies at the level of $44,600. As for the fundamental background, it does not have a critical impact on bitcoin quotes at the moment, but at the same time, its influence on the cryptocurrency cannot be denied. For example, last night Elon Musk announced via his Twitter that he had a meeting with North American miners about the use of renewable energy. Musk called the meeting promising. There is reason to believe that the bitcoin quotes could rise precisely after it became known about this meeting. And this is even a positive moment for Bitcoin. But in general, the fundamental background remains extremely negative. The main suppliers of the negative background for bitcoin at this time are the United States and China. Recall that, first, they are going to greatly tighten tax legislation, which will now cover all Bitcoin transactions in excess of $10,000, and second, they are going to completely ban mining. Thus, to be honest, it is hardly worth expecting that Elon Musk alone will pull bitcoin from the other world with his social media posts. It can provide temporary support, but it is unlikely that from its current position, bitcoin will again head for $65,000. However, most cryptocurrency millionaires, experts, and other personalities continue to believe that Bitcoin will continue to grow in the long term. We also believe that such an option is quite possible, but probably not in 2021. It is worth recalling that in the history of bitcoin, strong upward trends have already happened at least twice, after which the asset lost up to 80-90% of its value. Therefore, now, most likely, we are witnessing the third such case.

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In technical terms, bitcoin dropped twice as close as possible to the level of $30,500 and both times failed to gain a foothold below. Thus, now we are counting on the rise of bitcoin quotes to the critical line and for a certain period of consolidation. Roughly speaking, the market needs to calm down now. Nevertheless, if the bitcoin quotes manage to gain a foothold below the $30,500 level, the token's depreciation may continue.

The material has been provided by InstaForex Company - www.instaforex.com