The Bitcoin price which was already climbing upwards has already found an extra boost with the CEO of Tesla tweeting about its renewable mining. In fact, Elon Musk recently tweeted that the cryptocurrency has been showing major promises of renewable usage- which has put BTC at a resistance level of around $40,000- especially during the trading hours next Monday.
Bitcoin Getting Ready For Yet Another Climb
This is quite surprising, considering it was Elon Musk’s comments themselves that led to the fall in the prices of Bitcoin. The sell-off was quite dramatic as it gathered force the previous week and moved the price of the largest cryptocurrency to just a shade of about $31,000 last Sunday. The quick recovery that Monday has brought forth has been a result of wealthy investors demanding- which has led to some relief to the cryptocurrencies that are under attack.
Ray Dalio, the founder of Bridgewater Associates provided much-needed support to the prices of Bitcoin- as he himself owns a few bitcoin. This was mentioned during one of the interviews recorded on the 6th of May- which was then broadcasted during the 2021 conference on CoinDesk Consensus.
BTC, the oldest cryptocurrency still in play, had already moved beyond its gains on the afternoon on Monday- with Musk sending tweets about the promising renewable usage of mining.
In the Tweet, Musk had mentioned that the company had recently had talks with a Bitcoin miner from North America. This led to them committing to publish planned and current renewable usage- whale asking miners to keep doing that. The CEO of MicroStrategy, Michael Saylor also mentioned that they had a meeting with other bitcoin miners from North America which was soon after Elon Musk tweeted about the cryptocurrency.
