Musk crashed Bitcoin. Time to buy dips?

Musk crashed Bitcoin. Time to buy dips?

What happened?

Elon Musk, Tesla’s founder and CEO, said the company wouldn’t accept Bitcoin as payment any longer. As a result, BTC/USD dropped to $45,300, the low unseen since March.

Why has Musk done that?

He explained his actions with environmental issues: “rapidly increasing use of fossil fuels for Bitcoin mining and transactions”. Indeed, this problem exists. According to Citigroup’s report, Bitcoin mining is consuming 66 times more electricity than it did back in late 2015, and as a result, carbon emissions are increasingly rising.

What’s next?

He won’t sell any of the Bitcoin Tesla already holds and what’s more important, he signaled he might accept other cryptocurrencies as payment if they are less energy-intensive. Well, what would be his next #1 crypto? Maybe Dogecoin? He asked about that his followers on Twitter already: 78% said yes. There are some talks about ETH and XRP right now.

What about Bitcoin?

Musk’s tweet can’t make an end to Bitcoin. The BTC is still the #1 cryptocurrency by the market cap and it’s likely to keep its uptrend in the long term. For most investors, it’s just a good opportunity to buy the dips.

Tech tips

The RSI indicator hasn’t yet crossed the 30.00 level on the daily chart. Therefore, there is still some room to fall further, but probably the price reverses up from the current levels. If it jumps above the midline of Bollinger Bands at $55,000, the way up to $60,000 will be open. In the opposite scenario, the move below the lower trend line at $48,000 will press down the crypto to the $45,000 support.

Pay attention. To trade crypto, use the app FBS Trader.

BTCUSDDaily.png

TRADE NOW

Similar

Gold and USD ahead of the Fed
Gold and USD ahead of the Fed

Yesterday, the release of the US Inflation rate came out lower than the forecasts (0.1% vs. 0.3%). The soft figures pulled the US dollar index down by almost 1%. At the same time, S&P500, EURUSD, and gold strengthened. Today, the Fed will hold a meeting at 21:00 GMT+3. The Federal Reserve is widely expected to raise the interest rate by 50 basis points.

Soon Bullish Rally for Gold
Soon Bullish Rally for Gold

The winter is coming, and risky markets expect a rally to come with it. Will this December be bullish for stocks, crypto, and gold? A pack of news will surely help you out.

Latest news

The Most Important News For Today
The Most Important News For Today

News is always essential. Especially when we speak about the FOREX market. What is the most important information for today? Let's see together.

Forex News March 29
Forex News March 29

Forex, Crypto, Metals, and Stocks News for March 29. Here’s what you need to know for today:

The Most Important News For Today
The Most Important News For Today

The news is essential if you want to trade. Don't miss our digest, where we'll tell you about the most interesting events, happening right now.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera