Bitcoin price rises above $ 56K

Bitcoin (BTC) rose above $ 56,000 with the sight of a new “Elon candle” on March 24.

1-hour candlestick chart (Bitstamp) of the BTC / USD pair. Source: Tradingview

Resistance at $ 58K

The BTC / USD pair gained 4 percent on Wednesday after Tesla announced that it would accept Bitcoin payments, according to data from Cointelegraph Markets Pro and Tradingview.

As the company announced last month that it had invested in Bitcoin, this news caused the price of the cryptocurrency to rise. 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.

Bitcoin Price Index: How much is 1 Bitcoin in TL? (BTC TL)

Popular Twitter account Rekt Capital said there was support at $ 53,000 and resistance at $ 58,000.

“Bitcoin is currently rising towards the red zone and forming a morning star candle pattern that signals an uptrend from the blue support zone,” Rekt Capital posted in a post showing two critical levels.

“Will this red zone, an old support, turn into new resistance?”

1-day candlestick chart (Coinbase) showing support and resistance of the BTC / USD pair. Source: Rekt Capital / Twitter

Simon Peters, crypto asset analyst at investment platform eToro, said, “Tesla’s decision to both accept Bitcoin payments and keep the revenue from these payments in Bitcoin will give a new impetus to cryptocurrency.”

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