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Bitcoin (BTC/USD) Latest: Buy Your Tesla With Bitcoin Tweets Elon Musk

Bitcoin (BTC/USD) Latest: Buy Your Tesla With Bitcoin Tweets Elon Musk

Nick Cawley, Senior Strategist
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Bitcoin (BTC/USD) Price, Analysis and Chart:

  • ‘You can now buy a Tesla with Bitcoin’ tweets Elon Musk
  • Bitcoin better bid (BTC/USD) and looking to push higher.
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Bitcoin fan and Tesla CEO Elon Musk recently tweeted that US customers can now use Bitcoin to buy their new Tesla and said that any BTC paid to Tesla will be retained and not converted to fiat currency.

Elon Musk revealed last month that Tesla had bought USD1.5 billion of Bitcoin, sending the price of the cryptocurrency soaring post-announcement. The further adoption of Bitcoin by Tesla will continue to swell the cryptocurrencies fan base and will likely push the price even higher. While this news will boost BTC further, Musk had already indicated last month that Tesla would accept Bitcoin in an SEC filing when he bought his BTC holding.

The daily Bitcoin chart shows BTC/USD breaking out of a bullish pennant pattern to the downside, although it is now trying to recover the short-term bullish uptrend. A break and close above this trendline will open the way back to the February 21 swing-high at $58,422 before the all-time around $61,880 comes into play.

Tesla stock (TSLA) was quoted 1.26% higher at $670.53 in pre-market trade.

Bitcoin (BTC/USD) Daily Price Chart (October 2020 – March 24, 2021)

Traders of all levels and abilities will find something to help them make more informed decisions in the new and improved DailyFX Trading Education Centre

What are your views on Bitcoin (BTC) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.