Bitcoin Recovers Above $56,000 as Tesla Adds BTC Payment Option
Bitcoin (BTC) rose above $56,000 with the sight of a new “Elon candle” on March 24.
According to data from Tradingview, the BTC/USD pair gained 4% on Wednesday after Tesla announced that it would accept Bitcoin payments.
You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
Earlier, after the company announced last month that it had invested in Bitcoin, the price of the premier cryptocurrency rallied. Using that as a yardstick, analysts are now wondering whether Tesla will start a new phase in the Bitcoin bull market, or whether the rally will be limited to a short time.
Popular Twitter account Rekt Capital said support level lay at $53,000 while resistance is at $58,000.
“Bitcoin is currently rallying towards the red area, forming a bullish Morning Star candlestick formation from the blue support area,” Rekt Capital posted in a post showing two critical levels.
Rekt Capital previously argued that despite the recent BTC price drop, it was too early to classify Bitcoin as forming a falling wedge pattern.
Meanwhile, Simon Peters,
At the time of writing, Bitcoin is trading above $55,000 and it’s market capitalization has risen to $ 1.03 trillion.
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