October 28, 2021

Bitcoin tackles $56K as Tesla ‘Elon candle’ hits days before record options expiry

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Bitcoin (BTC) recovered above $56,000 on March 24 after a new “Elon candle” put a familiar spring in the step of bulls.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

Crunch time at $58,000

Data from Cointelegraph Markets Pro and Tradingview showed BTC/USD gaining 3.3% over several hours during Wednesday on news that Tesla will accept — and keep — payments in Bitcoin.

As with the company’s initial announcement of a treasury allocation last month, the news immediately translated into spot price gains, as the gloom of this week’s price action lifted. Analysts were thus interested in whether Tesla would spark a new phase in Bitcoin’s bull market or whether the rally would be confined to lower timeframes.

For popular Twitter account Rekt Capital, support lay at $53,000 as before, with resistance potentially kicking in around a zone with $58,000 as its top.

“Bitcoin is currently rallying towards the red area, forming a bullish Morning Star candlestick formation from the blue support area,” comments accompanying a chart showing the twoTitle: Bitcoin tackles $56K as Tesla ‘Elon candle’ hits days before record options expiry
Sourced From: cointelegraph.com/news/bitcoin-tackles-56k-as-tesla-elon-candle-hits-days-before-record-options-expiry
Published Date: Wed, 24 Mar 2021 10:09:57 +0000