Cryptic Elon Musk Breakup Tweet Causes Crypto Drop
Last Updated on 5 June 2021 by CryptoTips.eu
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.
#Bitcoin 💔 pic.twitter.com/lNnEfMdtJf
— Elon Musk (@elonmusk) June 4, 2021
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.
Imagine selling an asset because a rich guy tweeted a meme 😂
— Pomp 🌪 (@APompliano) June 4, 2021
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.
Elon Musk Vs. Bitcoin 2021 in Miami.
— The Wolf Of All Streets (@scottmelker) June 4, 2021
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.