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Bitcoin, where is the bottom ?

Looking at the graph of the daily time frame, we will do the following technical analysis. We can now give us some certainty and support on the chart because the price of Bitcoin on the daily time frame has declined from the moving averages of the MA200 and EMA200 to $ 41,500. By merging the previous highs and lows, we can now form a single descending channel. It is important to us that the price bounced off the channel’s bottom line and that we now see a pullback, expecting the price to climb to the top line of the channel at $ 54,000.
Bitcoin, where is the bottom ?
To better monitor the zones of resistance and support, we will set the Fibonacci level to better monitor the movement of the price and its next steps. Looking at the MACD indicator, the signal is pure bearish. The only thing that can reverse the signal is that we are deep in the bearish zone and that we can now expect the bearish signal to weaken.
The price of Bitcoin continues to sell after Elon Musk hints that Tesla may have sold BTC assets. Elon Musk continues to move the crypto market after a recent tweet revealed that Tesla has sold or could potentially sell its Bitcoin assets. He received a lot of criticism after he decided to suspend BTC as a form of payment for Tesla’s vehicles. Tesla CEO Elon Musk is a big proponent of cryptocurrencies, helping to raise bitcoin prices and other digital currencies, including Dogecoin, over the past year.
In a report by the Securities and Exchange Commission in February, the electric vehicle company revealed that it had bought $ 1.5 billion in Bitcoin. However, the company later decided to sell part of its BTC holdings to prove the cryptocurrency liquidity.
In a recent Twitter exchange, Musk hinted that Tesla has sold or may sell the rest of its Bitcoin, sending BTC’s price by more than 8% to about 44,000 US dollars. And then to a new low at $ 41,500. The electric car company announced last week that the company would no longer accept Bitcoin as a form of payment, citing environmental concerns due to the “rapid increase in the use of fossil fuels for mining.”
Tesla’s CEO said the company intended to use BTC for transactions as soon as the mining transition became more sustainable. Even though Musk reversed the course, three months after he committed to taking the pioneering cryptocurrency as payment, he has favored Dogecoin ever since. Favoring further for a digital currency-based meme, his airline SpaceX began accepting DOGE as payment to launch a new mission to the moon.

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