November 29, 2022

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Bitcoin moves closer to $40,000

1 min read

200 day moving average just above the $40,000 level

the price of bitcoin is moving to a new session high $39,700. That is up sharply from the low today of $33,651, and gets closer to the $40,000 level.

Just above the $40,000 level at $40,400 is the 200 day moving average. Getting back above that level would kick more of the bias back into the favor of the buyers.

200 day moving average just above the $40,000 level_

Helping the move to the upside is that Elon Musk tweeted that he spoke with American bitcoin minors, and they committed to publishing current and planned renewable usage.  He described the conversations as potentially promising. 

Musk said that he would not accept bitcoin for payment for his cars due to the energy consumption needed to mine the coins.  That added fuel to the downward bitcoin bias. 

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