Bitcoin price struggles to hold onto the $ 50k support

While the chaos caused by Elon Musk continued, Bitcoin (BTC) fell again to below $ 50,000 on May 13.

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

According to Cointelegraph Markets Pro and Tradingview data, although the BTC / USD pair has recovered after declining to $ 45,650, it is struggling to hold on to the $ 50,000 support.

Tesla CEO Elon Musk announced that they will no longer accept BTC payments in vehicle purchases due to the negative effects of Bitcoin mining and its transactions on the environment, and caused indignation in the market.

After a three-hour crash, BTC / USD regressed to the $ 45,000 band, then rose to $ 52,000 and lost momentum again. The pair is between 49-50 thousand dollars as of the translation broadcast time.

Still, Musk’s effects can only affect the short-term price movements of the cryptocurrency and do not affect long-term performance.

Bitcoin has already ended its downtrend, hitting the 21-week exponential moving average (EMA) on Thursday. This level has been a holding level of support in the bull markets in the past year and 2017, and is thought to work for short-term declines within bull cycles as now.

The 21-week EMA is still rising for this month. For the support level to work, the BTC / USD parity must continue to set higher bottom and peak prices in the weekly time frame.

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