Bitcoin price managed to regain the $37,000 earlier today, skyrocketing to an intraday high at $38,850, recording a 10% gain over the past 24 hours. As AZCoin News reported, the cause is also partly because Tesla will start accepting BTC for payments again.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price has a strong week as Elon Musk leaves the door open for Tesla to accept BTC again
Earlier this week, Bitcoin bounced back to $38,000 as El Salvador voted to adopt the largest cryptocurrency as a legal tender, a decision that is likely to mark the dawn of crypto geopolitics. However, the leading cryptocurrency cut most of its recent gains during Saturday’s sell-off.
But as of today, Bitcoin price saw a bullish turn of events on June 13 as the price broke out to $39,252 but many analysts are still on the fence when it comes to determining whether the cryptocurrency is ready to continue its uptrend.
Musk’s assurances that he is willing to back Bitcoin, as long as it is green, pushed the BTC price from around $34,960 at the start of Sunday to as high as $39,050 towards the end of the day. The price pick-up is evidence that the “Elon effect” continues to be a key macro price driver in crypto markets.
While it’s true that Bitcoin has seen its price fall more than $30,000 over the past two months, it’s important to note that the amount it has fallen as well as its current price are nearly double the previous all-time high set in 2017, shining a light on just how significant the rally has been over the past six months.
According to Decentrader, an oversold signal was recently triggered, suggesting that BTC may soon be ready to turn around and move to the upside.
The bullish signal provided by the active addresses sentiment indicator | Source: Decentrader
June 16th is the day Ethereum London hard fork launches on Goerli Testnet. The road to Ethereum’s July 14th London hard fork – which will come with a major overhaul of the network’s gas model – is well underway. This Wednesday, a version of London will launch on Goerli, a Proof-of-Authority Ethereum test network that allows for blockchain development testing. The price of Ethereum is down around 6% in the last week.
Along with Bitcoin’s upward momentum, all 10 of the top 10 cryptocurrencies rose in price in today’s session: Ethereum increased by 5.83% to reach $2,519; Binance Coin rose 5.82% to $364.73; Cardano rose 4.79% to $1.55; Dogecoin rose 3.71% to $0.322; XRP rose 5.33% to $0.88; Polkadot rose 6.02% to $22.12; Bitcoin Cash rose 4.49% to $609.38; Litecoin rose 4.71% to reach $170.01.
The sudden increase in Bitcoin price made all currencies on the market recover in today’s trading session.