{"id":209675,"date":"2021-03-24T13:09:57","date_gmt":"2021-03-24T10:09:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-tackles-56k-as-tesla-elon-candle-hits-days-before-record-options-expiry\/"},"modified":"2021-03-24T13:09:57","modified_gmt":"2021-03-24T10:09:57","slug":"bitcoin-tackles-56k-as-tesla-elon-candle-hits-days-before-record-options-expiry","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-tackles-56k-as-tesla-elon-candle-hits-days-before-record-options-expiry\/","title":{"rendered":"# Bitcoin tackles $56K as Tesla &#8216;Elon candle&#8217; hits days before record options expiry"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a401c83a642b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a401c83a642b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-tackles-56k-as-tesla-elon-candle-hits-days-before-record-options-expiry\/#Crunch_time_at_58000\" >Crunch time at $58,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-tackles-56k-as-tesla-elon-candle-hits-days-before-record-options-expiry\/#No_coincidence\" >No coincidence?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin tackles $56K as Tesla &#8216;Elon candle&#8217; hits days before record options expiry <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) recovered above $56,000 on March 24 after a new &#8220;Elon candle&#8221; put a familiar spring in the step of bulls.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/ce352c3e-7665-4e6a-a406-49e905535b56.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: Tradingview<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Crunch_time_at_58000\"><\/span>Crunch time at $58,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">Tradingview<\/a>\u00a0showed BTC\/USD gaining 3.3% over several hours during Wednesday on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> that Tesla will accept \u2014 and keep \u2014 payments in Bitcoin.<\/p>\n<p>As with the company&#8217;s initial announcement of a treasury allocation last month, the news im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely translated into spot price gains, as the gloom of this week&#8217;s price action lifted. Analysts were thus interested in whether Tesla would spark a new phase in Bitcoin&#8217;s bull market or whether the rally would be confined to lower timeframes.<\/p>\n<p>For popular Twitter account Rekt Capital, support lay at $53,000 as before, with resistance potentially kicking in around a zone with $58,000 as its top.<\/p>\n<p>&#8220;Bitcoin is currently rallying towards the red area, forming a bullish Morning Star candlestick formation from the blue support area,&#8221; comments accompanying a chart showing the two levels read. <\/p>\n<blockquote><p>&#8220;Will this red previous support area turn into one of new resistance?&#8221;<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/20d881a1-f101-4654-9e83-551f4e3c1db3.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day candle chart (Coinbase) with support\/ resistance highlighted. Source: Rekt Capital\/ Twitter<\/em><\/figcaption><\/figure>\n<p>Previously, Rekt Capital <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1374656735265263617\">argued<\/a> that despite recent losses, it was &#8220;too early&#8221; to class Bitcoin as forming a falling wedge pattern. At press time, BTC\/USD focused on an area above $56,000 after gains slowed as the resistance area hit.<\/p>\n<p>\u00a0\u201cTesla&#8217;s decision to both accept payment for its cars in bitcoin and hold that bitcoin on its balance sheet rather than convert it to dollars will likely build more momentum for the cryptoasset,&#8221;\u00a0Simon Peters, cryptoasset analyst at multi-asset investment platform eToro, added in emailed comments.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"No_coincidence\"><\/span>No coincidence?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Others meanwhile pointed to this Friday&#8217;s upcoming options expiry event, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/wclementeiii\/status\/1374455214179151879\">largest ever<\/a>.\u00a0<\/p>\n<p>At $6 billion, the expiry event dwarfs the previous record from January, after which Bitcoin increased by 80% in weeks.<\/p>\n<p>Tesla CEO and &#8220;Technoking&#8221; Elon Musk, Three Arrows Capital CEO Zhu Su argued, had perfect timing in announcing acceptance just days beforehand.<\/p>\n<p>&#8220;Elon astutely aware of Bitcoin options expiry dynamics,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zhusu\/status\/1374643314033528835\">tweeted<\/a>.<\/p>\n<p>Options expiries tend to exert downward pressure on the Bitcoin price, and a surprise uptick would potentially liquidate a large number of bears. Musk is a well-known fan of such moves, championing the actions of Reddit users during the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">Game<\/a>Stop debacle earlier this year.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-tackles-56k-as-tesla-elon-candle-hits-days-before-record-options-expiry\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin tackles $56K as Tesla &#8216;Elon candle&#8217; hits days before record options expiry &#8221; Bitcoin (BTC) recovered above $56,000 on March 24 after a new &#8220;Elon candle&#8221; put a familiar spring in the step of bulls. BTC\/USD 1-hour candle chart (Bitstamp). Source: Tradingview Crunch time at $58,000 Data from Cointelegraph Markets Pro and Tradingview\u00a0showed&#8230;<\/p>\n","protected":false},"author":1,"featured_media":209676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvZGZhNDBiMjAtOGVjYS00OWVkLWI1OGItMWViNjEzOGUxNTFiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,39394,73785,36402],"class_list":["post-209675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-elon-musk","tag-markets","tag-tesla"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/209675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=209675"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/209675\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/209676"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=209675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=209675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=209675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}