14.05.202107:20 Forex Analysis & Reviews: Bitcoin continues to decline. Traders have already lost about $2 billion in its fall

In recent days and even weeks, we have repeatedly talked about the fact that a drop to $47,000 per coin is the most likely scenario for Bitcoin. And last night, that's exactly what happened. Elon Musk, whose every post on Twitter about bitcoin or another cryptocurrency can cost it 10-15% of the cost, this time said that bitcoin mining consumes too much electricity, most of which is produced through the burning of coal and serious pollution of the atmosphere and the environment, so his company Tesla can not afford to participate in this and refuses to accept payment in bitcoins for sold electric cars. Elon Musk did not say anything about the $1.5 billion worth of bitcoins that Tesla previously bought. It is quite possible that most of these coins have already been sold, but the markets will be able to find out about this only at the end of the second quarter, when the corresponding reports are released, or from Elon Musk himself, if he wishes to disclose this information. Nevertheless, no one can blame Musk and Tesla for selling bitcoin. Now, Musk can say at any time that bitcoin is too unecological. The fact that the non-ecological nature of bitcoin has been known for a long time and it is unlikely that Musk could somehow miss this information, does not matter anymore. Most likely, Musk just pulled off another ingenious scheme, earning a couple of billion dollars. And now that bitcoin is no longer growing, he, unlike other institutional investors, is not going to wait for the notorious $100,000 and sells as long as the price of the token is higher than the purchase price.

Meanwhile, ordinary traders lose money, especially the ones who do not use Stop Losses on such a volatile and risky instrument like bitcoin, as well as those who firmly believe in the eternal growth of bitcoin. The market once again shows that one action or message from Elon Musk is quite enough for one or another cryptocurrency to collapse, or even the entire market. Moreover, now there are so many cryptocurrencies in the world, and each takes away a part of investors and investments from bitcoin. Thus, we would say that now bitcoin has a much better chance of falling in the direction of $30,000, rather than rising to $100,000. Over the past day, positions of 341,000 traders were forcibly closed for almost $4 billion (across the entire cryptocurrency market). The largest transaction is $38.7 million. Bitcoin traders lost about $2 billion.

In technical terms, bitcoin crashed down and consolidated below the support level of $50,772, which is very important. This consolidation significantly increases the probability of continuing the movement of bitcoin quotes to the south. It is also very important that the quotes of the first cryptocurrency closed as low as possible, that is, there was no sharp and strong pullback up. This suggests that everyone could not buy all the coins that went on sale, and the exchange rate, accordingly, may continue to fall. Thus, we expect that in the coming days, bitcoin will overcome the level of $47,000 and continue to fall with the targets of $43,852 and $38,467.