Cryptic Elon Musk Breakup Tweet Causes Crypto Drop

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Last Updated on 5 June 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Elon Musk’s power over the cryptosphere is still considerable, certainly when you notice the selloff on Friday of the two largest cryptocurrencies by market capitalization after the Tesla CEO tweeted a meme of a couple breaking up and added a Bitcoin hashtag with a broken heart emoji.

All this was enough to send millennials into a selling frenzy which temporarily saw Bitcoin and Ether drop 5%. By Saturday morning all that loss seemed to be recuperated, but dropped even further in the afternoon.

Over at the Miami Bitcoin conference, attendees were less impressed with Musk’s latest move, and a billboard could even be seen telling him to stick to space, Elon. Eternal bitcoin bull Anthony Pompliano mocked Musk and crypto podcast host Max Keiser started his latest episode by raging: F*ck Elon.

Advertentie.

Retest of weekly support

At the time of writing, Bitcoin trades at around $36k and Ether at $2,6k.

Analyst Filfilb from firm Decentrader (what’s in a name) claimed that the $37k level had become quite important for Bitcoin, stating:

A drop lower would likely make the low $20,000s or the 78.6% retracement a likely target. As such, price action over the next week is particularly important.

For now, eyes are on Bitcoin to see if the lows can be held going into the weekend, with particular attention being around the 200 DMA which is currently the line in the sand for the bulls.

It is therefore crucial for Satoshi Nakamoto’s invention to stay above a level like $37,500: to avoid a retest of weekly support.

The week ahead might become a crucial one for the direction of the crypto summer.