December 7, 2022

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Bitcoin stays on the defensive after Elon Musk’s tweet earlier in the day

1 min read

Falling out of love?

Cryptocurrencies are not having a good day so far following Elon Musk’s cryptic “heartbreak” tweet involving Bitcoin earlier in the day here.

Bitcoin is down over 5% just below $37,000 currently but the technicals arguably paint a better picture as to how price action is developing in recent weeks.


While there was some encouragement to the latest bounce earlier this week, it didn’t really change anything from a technical perspective.

Buyers still need to get back above $40,000 and the 200-day moving average (blue line) to even have a shot of regaining any upside momentum and they are falling short again today – not helped of course by Musk’s erratic behaviour on Twitter.

That said, there is also seemingly a floor around the 50.0 retracement level @ $34,378 so look out for that on the daily close for any confirmation of a break lower.

Otherwise, the volatility looks set to continue within this space until either buyers or sellers give way eventually.

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