At the moment, the exchange rate of the Bitcoin (BTC) is 38,910 USD. Over the past day, the value of the leading crypto asset has increased by 11%, and within seven days, the price of BTC has risen by 6%. According to analysts, Bitcoin has started to break out of the bearish trend, and there is a bullish trend, although it is still unstable.
So far, the cryptocurrency has not been able to break through the psychological threshold of $40,000, and if this happens, and BTC can stay within these limits and increase in its price, then the bullish trend will become stable.
The price of Bitcoin began to rise also because Elon Musk announced that Tesla will accept BTC when the currency mining will be more environmentally friendly. Against this favorable background, the price of Bitcoin began to rise. According to analyst M. Karkhalev, although this message is favorable for Bitcoin, it is absolutely not enough for the steady growth of the cryptocurrency.
More fundamental factors than just Elon Musk’s tweets are needed to boost the price of BTC. If they do not exist, then it is possible to reduce the value of the cryptocurrency.
We continue to monitor the dynamics of the BTC exchange rate and the general situation in the cryptocurrency market.