Crypto

After Elon Musk’s bombshell earlier this week that boosted Bitcoin’s value by around 20% in two days, and it seems that this week just keeps on giving. After being convinced that we had seen a short-term top on Tuesday at the new all-time record high just under $49,000, news today by MasterCard propelled prices just above the $49K marker.

Elon musk gave more than a tweet to boost Bitcoin price with the announcement yesterday that Tesla would invest $1.5 billion into Bitcoin and may soon begin accepting Bitcoin as a payment method. This news from Tesla’s CEO is undoubtedly the most significant headline that the world’s largest cryptocurrency has had for some time.

Having hit an intra-day high of $42,000 on January 8^th, BTC futures have been trading between $30,000 and $39,000, with yesterday’s 1.67% gain bringing prices to the top of that range to close at $38,015. The likelihood that we have seen a price high that will stand for some time must be noted. Currently, we have BTC trading fractionally lower at $37,790.

BTC futures is currently posting a gain of $2300 (6.76%) as of 3:20 PM Eastern Standard Time. It is currently trading above a resistance trendline that it had moved above intraday on Friday of last week and Monday but was unable to hold and close below on both occasions.

ßitcoin seems to have found at least short-term support at our first of three likely pivot points that make up the three most probable places for the current triangle pattern to find a bottom.