Bitcoin currently trading at a $51,000 price level, ready for a boom or bust.
Bitcoin is currently trading at its lowest since the 1st quarter of March as during the first quarter of March it largely traded at the higher end of $49,000.
Incongruously enough, the coin was supposed to be on a bullish streak considering that Elon Musk’s Tesla announced just Yesterday that now Bitcoin could be used to buy in a Tesla. But on the contrary, since the billionaire announced the news through a tweet Bitcoin has fallen by approximately 6% and is currently down by 10% since Yesterday ( in 24 hour period).
You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
BTC currently has to cope with a resistance point of 51,500 and will be banking on the support level of 50,500. Though the drop does not seem to be extremely critical, it does have some significance as from here it could both ends.
If the coin imitates its previous trends there is enough probability that it could shoot upwards, and be at its previous position during the next couple of days, and as this comes true the first quarter of April could be a boom period for the coin.
Further, though the possibility of a potential drop can’t be ignored as per our technical analysis, at worst, it should not be dropping any further than the 48,000 price level.
Lastly, in the long, one single factor that would certainly play a vital role in the growth and mainstream adaption of BTC is institutional support. As the BTC continues to grab more institutional support from the market not only that its value will increase but more significantly it will pave the road for BTC’s mainstream adaption and you should use The best site for purchasing bitcoin before its too late.
At the time of press, BTC is trading at $51,296, down by 10% during the last 24 hours.
5+ Best Crypto Futures Trading Platforms | Bitcoin Derivatives
Ripple Files Petition Requesting Discover of Relevant Info from Binance’s Subsidiary
Analyst Predicts Big Bull Run as Tether Whales Move 374,000,000 in Crypto
Will Cryptocurrencies Bounce Back?
BTC falls below $40k as Saudi Aramco Publishes a Statement on Bitcoin Mining
Recent Press Release
How Blockchain Technology Will Shape the Future of Online Gambling?
Cryptocurrency uses blockchain technology, and this tech ensures the security and anonymity of financial transactions. Many industries have embraced blockchain,...
Cryptos like ETH/USD, BTC/USD dancing to the tune of tweets by Tesla CEO Musk in absence of any Crypto trading regulator:
In February of 2021, Elon Musk tweeted that he found the prospect of holding Bitcoin ‘adventurous’ for an S&P 500...
Earning By Mining, Is a Klondike Of The 21st Century. Mining-Tron.Com
Mining-Tron.com is a company that started its history in 2018 in the cryptocurrency mining market. According to the zephyrnet.com, in...
You May Not Have Known These Bitcoin Facts
However, even though Bitcoin is the most well-known cryptocurrency network globally, there are several aspects of it that you may...
DeFi Coin (DEFC): Live Trading on BitMart is Coming on July 19th!
Decentralized finance is playing an increasingly important role in the crypto world. It is all the less surprising that DeFi...