13.05.202107:14 Forex Analysis & Reviews: Bitcoin collapsed to $ 47,000 amid Tesla's refusal to accept Bitcoin payments for electric cars.

In recent weeks, we have been talking every day about the correction scenario and the fact that bitcoin can fall to $ 47,000 per coin at any time. It was evidenced by many factors, including the weak fundamental background, the flow of capital from bitcoin to altcoins, and the unattractive price of bitcoin for new investors. In the end, what was supposed to happen happened. Last night, the quotes of "bitcoin" fell by $ 7,500 and worked out the level we talked about many times ($47,000). So far, we can say that there was a rebound from this level, but an unambiguous conclusion on this issue can be made only after today. At the moment, I would like to say that, most likely, the correction will continue over time and below $ 47,000 per coin. The upward trend has been drying up for a long time, so it is not surprising that it will end sooner or later.

And, of course, this fall of "bitcoin" was not without Elon Musk. Yesterday, Tesla announced that it is suspending the sale of electric cars for bitcoins, which may have played a cruel joke with the rate of the first cryptocurrency. Recall that earlier bitcoin has repeatedly grown just on the statements of Elon Musk that Tesla invests in bitcoin, or that the company will allow its customers to buy electric cars for bitcoin. Recall that earlier, Tesla sold about 10% of its bitcoin coins, according to the company's official statement, "for the sake of studying the liquidity of the token." We then questioned this explanation since there is no need to check the liquidity of bitcoin. It all looked like a bargain sale ahead of the upcoming financial report for the quarter. Then Tesla sold 10% of bitcoins but could sell much more coins in the second quarter. Investors will learn about this only from the second-quarter reports, which will not be available for a long time. And now Tesla refuses to accept payments in bitcoins. All this is very similar because both Tesla and Elon Musk are trying to move away from the first cryptocurrency, realizing that it will not be possible to play with it for a long time. On Twitter, Musk wrote: "Tesla has suspended sales of vehicles using bitcoin. We are concerned about the rapidly increasing use of fossil fuels, especially coal, which has the worst rates of harmful emissions, for bitcoin mining and transactions." And this statement again raises questions. And before Tesla and Elon Musk did not know that most of the coins are extracted with the help of "green" electricity? It seems to be not secret information, and many scientists of the world have repeatedly drawn attention to the non-ecological nature of mining any cryptocurrency. In general, we repeat, all this is very similar to the attempt of Tesla and Elon Musk personally to abandon bitcoin and get out of all operations to buy it with maximum profit. Naturally, the markets feel a similar background and also try to get rid of "bitcoin."

In technical terms, "bitcoin" crashed down, once again working out the support level of $ 50,772 and the previous local low near the level of $ 47,000. Now you need to at least wait for the end of the day to understand where it ends. And based on this point, build a different strategy for bitcoin. We believe that bitcoin may well overcome the level of $ 47,000 and continue to move down. Any upward trend ends sooner or later.