Bitcoin price is holding steady above 32,000 after dropping below 30,000 earlier in the week. The crypto has gotten a boost from the positive statements by Elon Musk and other speakers at The B Word conference.
Despite the environmental concerns linked to crypto mining, Elin Musk has expressed his support for digital currency as a whole. The Tesla CEO, whose statements have had a significant impact on the crypto market in the past, further indicated that he personally owns Bitcoin and altcoins like Ethereum and Dogecoin.
He stated, “If the price of bitcoin goes down I lose money. I might pump but I don’t dump.” He has also indicated that Tesla is likely to start reaccepting payments in Bitcoin as mining shifts to renewable energy.
BTCUSD technical outlook
Bitcoin price is seesawing around 32,000 after its surge in the previous session. At the time of writing, it was down by 0.31% at 320,39.23. After moving past the crucial level of 30,000 to a one-month low of 29,300.53 on Tuesday, it has been on a rebound. On Wednesday, it hit a high of 32,877.44 before pulling back. On a two-hour chart, it is trading above the 50-day EMA and slightly below the 200-day EMA.
Investors are still keen on whether the rebound is a reversal of its downtrend or a dead cat bounce. In the near term, I expect the crypto to continue finding resistance along the 200-day EMA at 32,325.08. For the bulls to eliminate the narrative of a relief rally, there need to be more buyers to push the pries past the 33,000 mark.
In the case of a dead cat bounce, Bitcoin price is likely to find support along the 50-day EMA at 31,193.87. A move below 31,000 is likely to have the bears retesting the crucial level of 30,000.