Bitcoin has adjusted down by almost $ 15,000 over the past two business days. As we expected, the correction ended near the Kijun-sen line of the Ichimoku indicator on the 24-hour timeframe. A rebound followed and now the number one cryptocurrency in the world is growing again and has already recovered some of the losses to $ 51,000 per coin. However, the collapse of bitcoin at the beginning of the trading week is still impressive. At the very least, the cryptocurrency has adjusted and can now resume its growth. From a technical point of view, bitcoin failed to overcome the Kijun-sen line, so the current downward movement is interpreted as a correction, and not as a downward trend. And Elon Musk can only sympathize with his bitcoin investment. Thanks to this drop in the "cue ball", not only did Elon Musk's fortune decrease, but Tesla shares also fell by a record 8.55% since September 2020. The markets now associate Tesla with increased risks since it invested 1.5 billion in bitcoins. Thus, in the event of a fall in the exchange rate of the "cue ball", it can now pull down the shares of Tesla. However, firstly, Elon Musk lost "only" $ 15 billion of his fortune, and secondly, bitcoin is growing again. This means that if the markets got rid of Tesla shares against the background of the fall of bitcoin, then today they should already start growing, as the bitcoin exchange rate is recovering. If the recovery of the share price does not happen, then the reasons do not lie in the cryptocurrency segment. In the meantime, Jeff Bezos, the head of Amazon, has taken first place in the ranking of the richest people in the world. His fortune now exceeds that of Elon Musk by $ 3 billion, although February 23 also ended in losses for him, although only $ 4 billion.
Thus, on Monday and Tuesday, traders could see firsthand how bitcoin is traded. They could see that the cryptocurrency can not only constantly grow, but also fall in a day or two by 15 thousand dollars, which is 20% of its value. They could see that companies that invested in bitcoin began to lose their value due to the sale of shares by their owners. The rest of this week also promises to be very interesting. Now, either bitcoin will resume its upward movement and, accordingly, go above the level of $ 58,500, or it will continue to correct, and then its rate may fall below the level of $ 45,000. And below this level, a panic may begin in the cryptocurrency market, which will lead to a large-scale reset of long positions and the collapse of the number one cryptocurrency, and at the same time the entire cryptocurrency segment. Thus, in the coming days, we are closely monitoring the behavior of the market.
