“₿” Better

Bitcoin futures are trading higher today after Elon Musk made supportive comments on “The ₿ Word” which is a “Bitcoin-focused initiative that aims to demystify and destigmatize mainstream narratives about Bitcoin, explain how institutions can embrace it, and raise awareness around areas of the network that need support.”

He hinted that Bitcoin might already be eco-friendly enough for Tesla to begin accepting it as a payment option once more, “It looks like Bitcoin is shifting a lot more towards renewables and a bunch of the heavy-duty coal plants that were unequivocally being used have been shut down, especially in China. I want to do a little more diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number. If so, Tesla will resume accepting Bitcoin.”

This conference brought enough bullish sentiment into the market to regain the $30,000 level after falling below this level yesterday. Yesterday was the first occurrence of a close below $30k since January 31.

The bullish sentiment brought on by this conference that included Jack Dorsey (Square, Twitter) was welcomed but may be short-lived and may not be enough to stem the bearish wave that has enveloped the entire crypto sector.

Bitcoin, which leads the entire crypto sector with its price action, looks quite precarious, with a death cross looming on the charts between the 50 and 200-day moving averages. We still see BTC futures trading inside their downward channel that they have been charting in since hitting their all-time highs in April.