BTC's Retracement: Can BTC overcome the Musk phenomenon?
While the current market low is surely abetted by Elon Musk's announcement of Tesla's decision against Bitcoin payments, the larger picture (weekly one) seems only to be in sync with market's tendency to retrace the prices after a significant peak has been achieved, which in Bitcoin's case, occurred during the second week of April when it touched an all-time high. A few weeks later, Musk took to twitter and played catalyst using that one tweet that shook the market, bringing prices down by as much as 40% from its peak within a couple of weeks.
The silver lining, though, is that the price retracement seems to have found a support at around 66% retracement mark, as shown by last two weeks' green candles. But the question is: Can it hold its ground against another of Musk's tweet of 4th of June where he, yet again, didn't seem particularly appreciative of the Bitcoin?
Well, only time(or the candles?) will tell.
The silver lining, though, is that the price retracement seems to have found a support at around 66% retracement mark, as shown by last two weeks' green candles. But the question is: Can it hold its ground against another of Musk's tweet of 4th of June where he, yet again, didn't seem particularly appreciative of the Bitcoin?
Well, only time(or the candles?) will tell.
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