Why the Bitcoin price dropped immediately after Musk’s positive comments

2021-2-2 15:00

The Bitcoin price pumped and fell immediately after Tesla CEO Elon Musk talked about BTC positively on Clubhouse.

Musk complimented Bitcoin, stating that it is ready for broader adoption. He said that he is “late to the party,” suggesting that he is now an enthusiast in the dominant cryptocurrency.

The 15-minute chart of Bitcoin. Source: BTCUSD on TradingView.com So why did Bitcoin react with a drop?

On Sunday night, January 31, Elon Musk, the CEO of Tesla and SpaceX, appeared on the popular app Clubhouse to discuss various topics. During the conversation, Musk was asked about his thoughts on Bitcoin. He said:

“I do at this point think Bitcoin is a good thing. I am a supporter of Bitcoin. I am late to the party but a supporter. Bitcoin is on a verge of getting broad acceptance by traditional finance people.”

Yet, despite the positivity around BTC, the price of BTC saw a sharp drop from $34,400 to below $33,800 within minutes.

According to analysts at IntoTheBlock, BTC saw the largest deposit to centralized exchanges in over four months last Friday. This trend coincides with the short-term recovery of BTC from $32,200 to around $33,800.

Bitcoin price movement

Prior to the conversation, traders and analysts expected the price of BTC to move up in anticipation of it.

A pseudonymous cryptocurrency trader known as “Loma” said that Bitcoin was rising in anticipation of the Musk Ask Me Anything (AMA). He added:

“I’m not saying, you should go and long it or something. Just that if you’re bearish, you might have a better entry in a few hours. $BTC (and consequently the rest of the market) moving up right now in anticipation imo.”

Bitcoin enthusiasts were expecting Musk to mention BTC, after his Twitter bio change and his like on a DeFi-related Twitter post.

If Musk talks about Bitcoin on Clubhouse, analysts said that Bitcoin could see a Friday-esqe rally, when it surged 14% in two days.

But, there were several concerning on-chain indicators that signaled a weakening trend.

Neko, a semi-pseudonymous cryptocurrency trader, said that the premium on Coinbase was on the decline. This typically signals a drop in buyer demand from the U.S.

“BTC Coinbase Premium Index *The gap between Coinbase Pro price(USD pair) and Binance price(USDT pair) which indicates a strong spot buying pressure from Coinbase when the premium is high.* Current price exceeds the premium, which is a bit concerning vs last week.”

Due to the lackluster on-chain fundamentals, Bitcoin likely pulled back as soon as the highly anticipated event occurred, which included Musk talking about Bitcoin.

The post Why the Bitcoin price dropped immediately after Musk’s positive comments appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67887.43 (-0.24%)
Объем 24H $15.058b
Изменеия 24h: 0.38 %, 7d: -1.39 %
Cегодня L: $67390.1 - H: $68322.67
Капитализация $1337.85b Rank 1
Цена в час новости $ 33598.09 (102.06%)

immediately price bitcoin musk comments positive dropped

Источник: cryptoslate.com

immediately price → Результатов: 122


Фото:

How Long Will Digibyte Continue to Pump?

On March 23, the Digibyte (DGB) price reached a low of 52 satoshis. It immediately began an upward move which is still ongoing. To date, the price has increased by 462% since. Using the weekly chart, we can see that the upward move was preceded by a very significant bullish divergence in the RSI, which […] The post How Long Will Digibyte Continue to Pump? appeared first on BeInCrypto.

2020-5-7 17:10


Фото:

Crypto Price Analysis April 16: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, LINK

In the early hours of April 16, the BTC price reached a low of $6,461. However, it immediately reversed its trend and has reached a high of $7,147 within the same day. This increase could have been caused by the printing of $120 million Tether (USDT), which occurred slightly prior to the price beginning its […] The post Crypto Price Analysis April 16: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, LINK appeared first on BeInCrypto.

2020-4-17 19:15


Huobi’s Derivative Trading Platform Adds Partial Liquidation Feature To Limit Losses

Huobi DM, the derivatives trading platform from Huobi, has made the announcement of a new partial liquidation aimed at limiting trading loses. Highly leveraged positions can be immediately liquidated by sudden swings in the market and cause the users to extensively lose, as it was seen during the Bitcoin’s (BTC) price crash from last week. […]

2020-3-19 19:17


What triggered Bitcoin’s price to suddenly surge 10% within minutes? Traders react

The Bitcoin price surged from $7,600 to $8,400 within a span of minutes on Oct. 25, almost immediately after Chinese President Xi Jinping said that China would focus on blockchain development. Is China a factor? Some investors anticipate that the rare release of a positive stance of the government of China on blockchain development could […] The post What triggered Bitcoin’s price to suddenly surge 10% within minutes? Traders react appeared first on CryptoSlate.

2019-10-26 19:58


дальше еще 73 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin ‘Realized Volatility’ Showing Very Rare Trend: What Could Be Next

Data shows that the Bitcoin Realized Volatility metric has fallen to historically low levels. What generally happens after this pattern forms? Bitcoin Realized Volatility Has Decline To Extreme Lows Recently In a post on X, CryptoQuant author Axel Adler Jr has discussed about the latest trend taking place in the Realized Volatility of Bitcoin.

How High Can Bitcoin Go Before A Top? Analyst Chimes In

An analyst has explained how the Bitcoin rally could still have room to run before hitting a top based on the data of this indicator. Bitcoin Macro Oscillator Isn’t At Historical Top Zone Yet In a new post on X, analyst Willy Woo has discussed the recent trend developing in the Bitcoin Macro Oscillator (BMO).

Halving Woes Already Over? Bitcoin Hashrate Smashes All-Time High

On-chain data shows the Bitcoin mining hashrate has sharply rebounded from its post-Halving lows and has achieved a new all-time high (ATH). 7-Day Average Bitcoin Mining Hashrate Has Just Set A New ATH The Bitcoin network runs on a consensus mechanism known as the “proof-of-work” (PoW).

Bollinger Bands Inventor Foresees Bitcoin Pullback: Key Levels To Watch

Renowned financial analyst John Bollinger has recently issued a caution regarding the potential for a Bitcoin pullback. After BTC price surged from below $66,000 to almost $72,000 at the beginning of the week, Bollinger, the creator of the widely utilized Bollinger Bands indicator, pointed to specific features in the Bitcoin price chart that suggest a consolidation or pullback could be imminent, though he clarified that his perspective was not bearish on a longer term.

Perennial Bitcoin Accumulators Bought Big Ahead Of Rally, Data Shows

On-chain data shows that Bitcoin addresses with zero sales histories participated in a big accumulation before this recovery run started. Bitcoin Inflows To Accumulation Addresses Sharply Spiked Recently As explained by an analyst in a CryptoQuant Quicktake post, the accumulation addresses on the Bitcoin network have shown some significant inflow activity recently.

Bitcoin “Profit-Taking Has Completed,” Top Analyst Reveals

An analyst has explained how profit-taking looks to have finished for Bitcoin in what has been a “very healthy reset” for the market. Bitcoin SOPR Suggests Profit-Taking From Investors Has Cooled Off In a new post on X, analyst Willy Woo has discussed about the latest trend occurring in the Bitcoin Spent Output Profit Ratio (SOPR).

4 Key Reasons Why The Bitcoin Bull Run Is Far From Over

In an analysis shared via X, renowned crypto analyst Ted (@tedtalksmacro) has provided compelling evidence to support his assertion that the current Bitcoin bull run is far from over. Ted’s insights are based on four critical indicators related to traditional finance and crypto liquidity, each pointing to sustained growth in the near future.