Bitcoin – BTCUSD
Tesla CEO Elon Musk has tweeted that Tesla would accept Bitcoin payments once more if the miners adopt 50% renewable energy in their work. This tweet allowed Bitcoin prices to experience the second day of gains, adding 4.08% on the day as of the time of writing.
The tweet comes as Bitcoin mining hash rates drop to a 5-month low, following the Chinese government’s crackdown on crypto mining and transactions. The latest drop was a very steep one, with Cryptopotato reporting a drop of 20% in the last month alone. However, things may be looking up for Bitcoin prices after the proposed Taproot upgrade got the 90% backing it needed from miners over the weekend. The last upgrade to the network was the Segwit upgrade of 2017.
Bitcoin price action has broken out of the falling wedge pattern and appears headed to the resistance wall, which has the 40751 price mark as the floor. A break of this price wall allows BTC/USD to aim for 43569, with 46203 and 48,000 forming additional targets to the north.
On the other hand, a breakdown of the immediate support at 37455 brings 35297 into the picture. This price level, along with 32000 and 30208, serves as the intervening price support levels before the 4 January low at 28000.
