Bitcoin (BTC) price bounced off the bottom on June 4 after crashing after Elon Musk’s tweets.
Bitcoin supporters mock Musk’s “breakup”-themed messages
The BTC/USD pair rallied close to $37,000 on Friday, according to data from Cointelegraph Markets and TradingView.
Although there was a rise towards $ 40,000 during the week, it suddenly declined after Musk’s encrypted tweets. The Tesla CEO hinted in his message that he was switching to Bitcoin alternatives.
These messages caused sales in the market, but this time the biggest losses were in the altcoin variants. Bitcoin dropped just $2,000 in the process. Considering the impact of Musk’s previous tweets, there was less of an impact compared to the others.
Predicting that it should reach $36,000 before Bitcoin continues to rise, popular trader Crypto Ed said the bottom price has been seen. He claimed.
“We need to retake the resistance levels and then we continue to rise,” he said in a market commentary on Friday.
Who forgot to invite Elon to the #Bitcoin conference?
— David Gokhshtein (@davidgokhshtein) June 4, 2021
Elon’s #Bitcoin tweets are a result of being single-handedly destroyed by Ford, the company that made the Taurus and Pinto, with their F-150 Lightning. Sorry you got destroyed Elon but don’t take it out on Bitcoin.
– grubles (@notgrubles) June 4, 2021
Short-term barriers to recovery still remain. Of particular interest to traders were the funding rates. Because these ratios turned positive as long-term positions were preferred more.
Dogecoin (DOGE), Musk’s favorite token, was the biggest loser among the top fifty cryptocurrencies by market cap. At the time of writing this article, there was a 14% decrease.
Bloomberg backs $100,000 instead of $20,000
Experienced market participants prefer long-term interpretations for Bitcoin.
Under current conditions, $21,000 will be the bottom for BTC/USD. saying senior trader Peter Brandt is firmly in favor of continuing the uptrend.
In its most recent monthly report, Bloomberg said, “Bitcoin is more likely to try to break through the $100,000 resistance, rather than sinking below $20,000.”
The hash rate, and therefore miners’ attitude towards the market, has remained stable after Musk’s tweets.