Bitcoin rebounds following support from Elon Musk and Co

After appearing down and out this time yesterday, Bitcoin spring boarded higher overnight following a string of supportive comments from Elon Musk and Jack Dorsey at The B-Word conference, an event hosted by the Crypto Council for Innovation.

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Elon Musk, the CEO of Tesla, said the company would likely start accepting Bitcoin again for vehicle purchases, presuming he can confirm that the percentage of renewable energy used in Bitcoin mining is “at or above 50% and that there is a trend toward increasing that number.

Musk confirmed he still owns Bitcoin, Dogecoin, and Ethereum and said Space Exploration Technologies Corp also owns Bitcoin, as does Tesla.

The support helping Bitcoin to reclaim $32,000 after it had fallen towards $29,000 in the early part of this week as investors took a more conservative view of risky assets, following the spread of the Delta variant.

The overhang of negative sentiment from the increase in regulatory scrutiny from Mid-May in key regions such as the US and China has also played a part in Bitcoins price slump.

In contrast to the noticeable lack of upside price action that followed the fanfare surrounding the 2021 Bitcoin Conference in June, Bitcoin is finding the upside easier to come by after the B-Word Conference.

Technically, the ability to bounce from yesterday’s $29,296 low opens the possibility that Bitcoin may be carving out a triple low of sorts. Proving Bitcoin remains $28,600 and then trades above the overnight high near, $33,000 further gains appear likely towards $36,600, before $41,000.

Aware that should Bitcoin break below the band of support ahead of the $28,600 low, it would signal the down move is extending towards the next layer of support near $20,000.

Bitcoin rebounds following support from Elon Musk and Co

Source Tradingview. The figures stated areas of the 22nd of July 2021. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation

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