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Bitcoin (BTC) witnessed a massive bullish spike yesterday following confidence-boosting comments from Elon Musk at an event on Wednesday. Musk reiterated his support for the benchmark cryptocurrency at a virtual panel hosted by Crypto Council for Innovation, which also hosted Jack Dorsey and Cathie Wood.
Back in May, the Tesla CEO triggered the prevailing bearish market conditions after announcing the withdrawal of BTC support by Tesla on environmental concerns. Musk argued that the primary cryptocurrency was a significant contributor to environmental degradation due to heavy fossil fuel use by its miners.
However, during the seminar yesterday, Musk asserted that Tesla could start accepting Bitcoin again if miners reach 50% in renewable energy usage. The billionaire CEO noted that:
“As long as there is a conscious effort to move bitcoin miners toward renewables, then Tesla can support that.”
This statement triggered a frenzied excitement in the crypto community, which sent BTC flying above the $32,000 level. The cryptocurrency gained 7.6% over the ensuing hours, peaking at $32,950. At press time, BTC trades around $32,000.
Key Bitcoin Levels to Watch — July 22
After starting the week on an overt bearish bias, BTC appears to have calmed the raging bearish momentum. The primary cryptocurrency posted a bull rally from the $29,500 support to the $33,000 area (a $3,500 increase) under 16 hours. However, bears snapped back into action at the psychological level, sending the cryptocurrency to the $31,500 support (buoyed by the 4-hour 50 SMA).
Bitcoin now trades at the $32,000 level as bulls will likely try to push prices higher over the coming hours. The first resistance is the $32,800 line, where our descending trendline occupies. That said, a sustained break above the $33,000 psychological resistance could help BTC regain a bullish or less bearish momentum.
Meanwhile, our resistance levels are at $32,800, $33,000, and $33,750, and our key support levels are at $31,500, $31,000, and $30,500.
Total Market Capitalization: $1.32 trillion
Bitcoin Market Capitalization: $602.6 billion
Bitcoin Dominance: 45.8 %
Market Rank: #1
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