Analysis of the fall in Bitcoin prices for May 13, 2021

Looking at the graph on the four-hour time frame, we can do the following technical analysis. Bitcoin dropped out of the side consolidation and retested the previous low to $ 47,000. We now have a smaller pullback to 23.6% Fibonacci levels at $ 51,375, and again the price is meeting resistance, and here again, there is a likelihood of seeing a further descent well below $ 47,000. If a break occurs below $ 47,000 as the next technical support, we ask for $ 42363. Moving averages are now on the bearish side and the MACD indicator, and based on it, and we can also assume that we will see a continuation of the bearish trend.
Billions of US dollars have been lost from the entire cryptocurrency exchange after the statement of Tesla’s CEO Elon Musk that the electric vehicle giant will refuse any purchase of cars that use bitcoin for now. According to Coinmarketcap.com this morning, while Tesla’s CEO published the news, the value of the entire cryptocurrency market was around 2.43 trillion dollars.
The crypto market capitalization fell to about $ 2.06 trillion, evaporating about $ 365.85 billion. In a May 13 tweet, Tesla CEO Elon Musk noted the company’s concerns about “the growing use of fossil fuels for bitcoin exploitation and transactions, especially coal.” However, the company did not rule out accepting BTC in the future, announcing that the company will continue to use Bitcoin “for transactions as soon as mining switches to more sustainable energy.” On social media, many in the crypto community opposed Musk and Tesla’s claim regarding the impact of bitcoin exploitation on the environment, noting that “miners primarily use renewable energy.” 3rd global study on measuring cryptocurrencies at the University of Cambridge in October 2020 showed that up to 76% of cryptocurrency mining uses some electricity from renewable sources. It is estimated that only 39% of the total energy consumed by cryptocurrencies was green energy.