{"id":273930,"date":"2021-06-14T11:36:00","date_gmt":"2021-06-14T08:36:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/elon-musk-40k-and-no-demand-5-things-to-watch-in-bitcoin-this-week\/"},"modified":"2021-06-14T11:36:00","modified_gmt":"2021-06-14T08:36:00","slug":"elon-musk-40k-and-no-demand-5-things-to-watch-in-bitcoin-this-week","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/elon-musk-40k-and-no-demand-5-things-to-watch-in-bitcoin-this-week\/","title":{"rendered":"# Elon Musk, $40K and no demand: 5 things to watch in Bitcoin this week"},"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-6a409b2ade851\" 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-6a409b2ade851\" 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\/elon-musk-40k-and-no-demand-5-things-to-watch-in-bitcoin-this-week\/#Musk_tweet_changes_the_game%E2%80%A6_again\" >Musk tweet changes the game&#8230; again<\/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\/elon-musk-40k-and-no-demand-5-things-to-watch-in-bitcoin-this-week\/#Indicators_produce_mixed_narrative\" >Indicators produce mixed narrative<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/elon-musk-40k-and-no-demand-5-things-to-watch-in-bitcoin-this-week\/#The_40000_battle_is_on\" >The $40,000 battle is on<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/elon-musk-40k-and-no-demand-5-things-to-watch-in-bitcoin-this-week\/#Fundamentals_reflect_miner_disarray\" >Fundamentals reflect miner disarray<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/elon-musk-40k-and-no-demand-5-things-to-watch-in-bitcoin-this-week\/#Volatility_says_the_top_is_NOT_in\" >Volatility says the top is NOT in<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Elon Musk, $40K and no demand: 5 things to watch in Bitcoin this week <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) starts a new week on a pleasant high thanks to a boost from a familiar source, Elon Musk. Are the good times back?<\/p>\n<p>After spending weeks languishing close to $30,000, Bitcoin has managed to stage a sustained comeback to line up an attack on major resistance.<\/p>\n<p>With on-chain indicators flashing bullish, there may be a chance of a breakout, but analysts and traders are far from 100% convinced.<\/p>\n<p>Cointelegraph takes a look at five things that could influence how BTC price action unfolds in the coming days.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Musk_tweet_changes_the_game%E2%80%A6_again\"><\/span>Musk tweet changes the game&#8230; again<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The talk of the town, once again, is Tesla and SpaceX CEO Elon Musk this week.<\/p>\n<p>Firmly out of favor after playing the devil\u2019s advocate on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> on multiple occasions, Musk returned to the fray with <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> that previously seemed unlikely.<\/p>\n<p>Tesla dropped Bitcoin payments earlier this year shortly after announcing them and without actually processing any BTC transactions. This, according to Musk, was due to the allegedly unsuitable energy usage involved in mining.<\/p>\n<p>Widely criticized for both his logic and its impact on Bitcoin price action, Musk did not give up, with subsequent tweets on various aspects of Bitcoin and altcoins producing discernible but comparatively muted price movements.<\/p>\n<p>Now, it <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears the self-proclaimed \u201cTechnoking\u201d has tweaked his social media approach once more. <\/p>\n<p>Responding to a complaint from Magda Wierzycka, CEO of financial services company Sygnia, he reopened the door to Tesla adopting Bitcoin once again. Wierzycka\u2019s criticism of Musk\u2019s Bitcoin impact was covered by Cointelegraph last week.<\/p>\n<p>\u201cWhen there\u2019s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,\u201d Musk <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk\/status\/1404132183254523905\">responded<\/a>, adding that Tesla still had 90% of its initial $1.5 billion BTC purchase.<\/p>\n<p>BTC\/USD relished the news, climbing past $39,000 to seal daily gains of over 12% at the time of writing.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Indicators_produce_mixed_narrative\"><\/span>Indicators produce mixed narrative<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Cointelegraph reported over the weekend, bulls\u2019 case is being supported by a host of on-chain indicators.<\/p>\n<p>Covering price versus active addresses, spent output profit ratio (SOPR) and stock-to-flow, analytic tools firmly point to an undervalued Bitcoin at current prices.<\/p>\n<p>As such, predictions of a comeback in the short to mid-term are creeping in \u2014 one calls for $85,000 within the coming months, while stock-to-flow model creator PlanB still believes that $100,000 is plausible this year. <\/p>\n<p>On Monday, meanwhile, there are two other charts to consider \u2014 and one is a less frequent visitor than the other. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>VORTECS Report: When this indicator lights up, LUNA, MATIC and EGLD usually gain 10%<\/em><\/strong><\/p>\n<p>As <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1403977013522743300\">noted<\/a> by PlanB among others, Bitcoin\u2019s mempool has seen a major reset this month, which means transactions are currently extremely cheap versus expected processing time. <\/p>\n<p>Not only is this a \u201cgreat time\u201d to reorganize and consolidate one\u2019s BTC wallets, but as Cane Island Alternative Advisors investment manager Timothy Peterson argues, the mempool is now back where it was before Bitcoin began its parabolic rise in late 2020.<\/p>\n<p>\u201cThe bitcoin mempool is a good indicator of bubbles,\u201d he summarized in a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/nsquaredcrypto\/status\/1404029973929791489\">series of tweets<\/a> on Sunday. <\/p>\n<blockquote><p>\u201cThe mempool is where pending transactions wait to be processed before being added to the blockchain. This week it has cleared out for the first time since Nov 2020 (pre-bubble).\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/63f29bd7-05ac-4631-84ce-aee7506f1ccc.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin 7-day average mempool size chart. Source: Blockchain<\/em><\/figcaption><\/figure>\n<p>Continuing, he warned that the lack of demand that the empty mempool reflects means price action \u201cshould\u201d trend down in the coming months.<\/p>\n<p>This lack of demand meanwhile has become plainly noticeable on exchanges. As highlighted by on-chain monitoring resource CryptoQuant, both inflows and outflows from exchanges are down considerably.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Conflicted sentiment in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> negatively impacts exchanges withdrawals and deposits<\/p>\n<p>&#8211; Inflow addresses are decreasing<br \/>&#8211; Outflow addresses are decreasing and hit a 1-year low of 15.5K<\/p>\n<p>View Charts<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/KStlUlSpt0\">https:\/\/t.co\/KStlUlSpt0<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/2ahdyQFCoc\">pic.twitter.com\/2ahdyQFCoc<\/a><\/p>\n<p>\u2014 CryptoQuant.com (@cryptoquant_com) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1404297627093508103?ref_src=twsrc%5Etfw\">June 14, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_40000_battle_is_on\"><\/span>The $40,000 battle is on<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Traders waking up on Monday will be interested in one level in particular thanks to Bitcoin\u2019s latest run-up.<\/p>\n<p>Having waited for a decisive move during weeks of price compression, there is now a real chance that they will witness an attack on $40,000 and potentially higher.<\/p>\n<p>This would be significant in itself \u2014 estimates broadly call for lower prices in the short term before a rebound, but Bitcoin has so far refused to conform.<\/p>\n<p>\u201cShould do 1 more leg up before I expect some correction,\u201d popular trader Crypto Ed <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Ed_NL\/status\/1404325213391757312\">said<\/a> on Monday morning. <\/p>\n<blockquote><p>\u201cFor now I only see an intra day trade set up on low TF.\u201d<\/p><\/blockquote>\n<p>He added that he would be waiting for lower levels to hit before a possible entry trade, but that in the meantime, BTC\/USD could hit as high as $47,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/8092d75d-6fc3-487b-8186-b25daaa8e3c5.png\"><figcaption style=\"text-align: center;\"><em>Crypto Ed&#8217;s BTC\/USD scenario as of June 14. Source: Crypto Ed\/ Twitter<\/em><\/figcaption><\/figure>\n<p>Shorters came in for mockery, with Crypto Ed noting many would already be at a loss or liquidated against a backdrop of bullish sentiment and MicroStrategy about to purchase another $500 million of BTC.<\/p>\n<p>\u201cHow does that feel? Being underwater in your short position and realizing Saylor is ready to go for a new $500mm shopping spree?\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Ed_NL\/status\/1404332553478279168\">added<\/a>, referring to the company\u2019s CEO, Michael Saylor.<\/p>\n<p>At the time of writing, BTC\/USD circled $39,500 after hitting local highs of $39,783 on Bitstamp.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/4d899fed-816d-43ff-8d4d-af6e32d4df96.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=\"Fundamentals_reflect_miner_disarray\"><\/span>Fundamentals reflect miner disarray<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Away from on-chain, Bitcoin network fundamentals meanwhile look slightly less solid. <\/p>\n<p>As the Bitcoin energy debate rages on, miners continue to face pressure from China in particular, where a shakeout of who is allowed to mine using local energy is underway.<\/p>\n<p>Some see this as a crackdown and even ban on Bitcoin\u2019s major mining power source, while others argue that miners, as ever, will simply adapt to the changes and move elsewhere. This could also result in a transfer of hashrate dominance to another jurisdiction.<\/p>\n<p>El Salvador, the first country in the world to make Bitcoin legal tender, is already working on its own geothermal mining facilities, becoming the latest party in the so-called Bitcoin hash war.<\/p>\n<p>So far, however, the trend is down. According to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/miningpoolstats.stream\/bitcoin\">monitoring resources<\/a>, Bitcoin\u2019s hash rate is shrinking, with 10 exahashes per second (EH\/s) wiped off in recent days.<\/p>\n<p>Since the hash rate is an estimate, different sources have different numbers, with the current 113 EH\/s representing roughly two-thirds of this year\u2019s 168 EH\/s all-time high.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/1aa4d3a9-7fb6-4271-87ef-0cb9fd1f1d4b.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin network hash rate 7-day average chart. Source: Blockchain<\/em><\/figcaption><\/figure>\n<p>Difficulty meanwhile decreased by 5.3% on Sunday, with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/btc.com\/stats\/diff\">another decrease<\/a> on the cards for the next automated readjustment in two weeks\u2019 time.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin price moves toward $40K as on-chain and technical analysis favor bulls<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Volatility_says_the_top_is_NOT_in\"><\/span>Volatility says the top is NOT in<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Finally, for one hedge fund manager, there is nonetheless no sign of a Bitcoin price top.<\/p>\n<p>Alongside data from Bloomberg Intelligence, Dan Tapeiro, founder and CEO of DTAP Capital, volatility is simply too low to suggest that this is a local ceiling.<\/p>\n<p>\u201cBitcoin has never topped with volatility this low. Massive upside still ahead. Twtr sht termers too negative,\u201d he said in part of a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DTAPCAP\/status\/1404292633594314753\/\">Twitter discussion<\/a> on Monday.<\/p>\n<p>He added that despite Saylor and MicroStrategy, corporate adoption in the United States was \u201cunlikely,\u201d but that Bitcoin was still the \u201cbiggest macro event of all time.\u201d<\/p>\n<p>Countries like El Salvador, in addition, have huge potential to stage copycat moves.<\/p>\n<p>Tapeiro drew attention to Bloomberg\u2019s assertion that $100,000 in 2021 would be a \u201cmeager\u201d target for BTC\/USD.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/468c7c27-e985-4e07-9a33-6ba420e2e280.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin volatility vs. BTC\/USD price action chart. Source: Dan Tapeiro\/ Twitter<\/em><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\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\/elon-musk-40k-and-no-demand-5-things-to-watch-in-bitcoin-this-week\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Elon Musk, $40K and no demand: 5 things to watch in Bitcoin this week &#8221; Bitcoin (BTC) starts a new week on a pleasant high thanks to a boost from a familiar source, Elon Musk. Are the good times back? After spending weeks languishing close to $30,000, Bitcoin has managed to stage a sustained&#8230;<\/p>\n","protected":false},"author":1,"featured_media":273931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvMThjZTMxOTktYjgzNC00Mzg1LWFkZDMtMTdmODM1MDQyMTBkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,39394,73785,36402],"class_list":["post-273930","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\/273930","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=273930"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/273930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/273931"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=273930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=273930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=273930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}