Bitcoin Settles Below 55K After Technoking's Brief Candle Effect

Bitcoin (BTC) trading around $54,771.18 as of 20:00 UTC (4 p.m. ET). Sliding 0.63% on the past a day.
Bitcoin’s range that is 24-hour $53,577.33-$57,225.30
BTC trades below its 10-hour and 50-hour averages in the chart that is hourly a bearish sign for market professionals.

The “Elon Candle” effect on bitcoin seems to be short-lived.

Industry jumped early Wednesday after Tesla CEO Elon Musk announced the vehicle that is electric plans to now accept bitcoin being a payment choice, and that it won’t convert any receipts for the cryptocurrency back in U.S. dollars.

Regarding the Coinbase that is U.S.-based exchange bitcoin’s price quickly shot above $57,000, in contrast to the prior day’s $54,400. The reaction recalled the action on Feb. 8 whenever prices jumped significantly more than $7,000 – the absolute most ever for a day that is single after Musk tweeted that Tesla had bought $1.5 billion worth of bitcoin. Traders and T-shirt marketers nicknamed the episode “Elon’s Candle,” after the corresponding vertical shape created on a cost chart that is daily.

But this time around, industry couldn’t keep increases in size. At press time, the cryptocurrency that is oldest was changing fingers at $54,599.71, down 0.50% within the past 24 hours.

“Bitcoin received a tiny bullish bump” from Tesla’s latest news, stated Jason Lau, chief operating officer at San Francisco-based crypto trade OKCoin. “However, bitcoin is still in consolidation mode as traders remain digesting these levels.”

The buck index (DXY) rallied to four-month highs Tuesday, and yields on the 10-year U.S. Treasury note dipped somewhat to 1.62per cent, down from last week’s one-year high above 1.7percent in traditional areas.

The bitcoin market, meanwhile, is in a mode that is“wait-and-see” Lau stated.

Such doubt is also apparent in the bitcoin derivatives market, in which the interest that is available futures agreements has remained fairly stable as it reached an all-time at the top of March 13. Bitcoin (BTC) trading around $54,771.18.