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Elon Musk and Tesla believe in Bitcoin’s long-term outlook

Bitcoin rose 10.06% on the day to $54,001 on Monday, April 26, starting off the week on the front foot. The liquidity zone is in the vicinity of $55,500. In order to completely shake off the sellers, buyers need to close the week above $56,500.

Tesla reported financial results for Q1 2021. The report showed that the company sold part of the bitcoins purchased in February for $272 mln (offloading about 10%). Profit from the sale of the top cryptocurrency is estimated at $101 mln. Elon Musk said that the company set out to prove market liquidity and was quite pleased. Digital assets from the sale of electric cars for Bitcoin will accumulate. Needless to say, this sends a positive signal to the market.

The rebound up from $46,930 looks good. Alts are also recovering nicely. Buyers need to break out of the $55,892 level (50% of the decline from $64,854 to $46,930). In our view, this is the balance level. The current trend shows bullish momentum, so the breakout should hardly be a challenge. The second thing is to close the week above $56,500. Note that the previous weekly candlestick opened at $56,150. To form a bullish engulfing candlestick pattern, BTC should close north of the above-mentioned level. We also think that $56,500 gives buyers a cushion for confidence in the new rally.

Bottom line: Elon Musk did not let down the market, saying that the company believes in the long-term value of Bitcoin and Tesla would accept Bitcoin payment for its vehicles. The rebound was 17% and there is every reason to believe that the uptrend has legs. Closing the week above $56,150 would form a bullish engulfing candlestick pattern, which would draw new buyers into the market, i.e. those who dropped out during the recent pullback. The next target is $60,600.

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