Crypto Industry News:
After Tesla stopped accepting BTC as a payment method for its electric cars in May this year, Elon Musk said his company would resume receiving bitcoin transactions on one condition based on energy consumption.
Exactly one month after Tesla announced the suspension of bitcoin payments, Elon Musk tweeted that the electric vehicle manufacturer would re-authorize BTC transactions. However, there is one condition: at least 50% of the energy used to mine Bitcoin must come from clean energy sources.
"When there is confirmation of the reasonable (~ 50%) clean energy consumption of miners with a vision of a positive future, Tesla will resume approval for bitcoin transactions," wrote Elon Musk on Twitter.
The tweet was a response to the statement of Magda Wierzycka, one of the richest women in South Africa and CEO of Sygnia, who blamed Musk for a pump & dump on the bitcoin market, which the billionaire was supposed to conduct for his own benefit. Musk claimed Tesla only sold 10% of the stake to confirm Tesla could sell BTC without having to influence the market.
Technical Market Outlook:
The BTC/USD pair has been seen approaching the level of $40,000 after a successful breakout above the technical resistance seen at $39,413. The next target for bulls is seen at $40,454, $41, 096 (38% Fibonacci retracement) and $41,798 - $43,159 zone. The momentum is strong and positive, so the overall outlook starts to look bullish. The confirmation will come after the $41,798 - $43,159 zone is clearly violated.
Weekly Pivot Points:
WR3 - $51,501
WR2 - $45,102
WR1 - $42,774
Weekly Pivot - $36,903
WS1 - $34, 523
WS2 - $28,705
WS3 - $26,848
Trading Recommendations:
Even despite the recent correction the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).
