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Bitcoin tackles $56K as Tesla ‘Elon candle’ hits days before record options expiry

Elon Musk is “astutely aware” of the impact of options expiry, Zhu Su claims as Tesla sparks an unlikely uptick after a week of losses.
Bitcoin (BTC) recovered above $56,000 on March 24 after a new “Elon candle” put a familiar spring in the step of bulls.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingviewCrunch time at $58,000Data from Cointelegraph Markets Pro and Tradingview showed BTC/USD gaining 3.3% over several hours during Wednesday on news that Tesla will accept — and keep — payments in Bitcoin.As with the company’s initial announcement of a treasury allocation last month, the news immediately translated into spot price gains, as the gloom of this week’s price action lifted. Analysts were thus interested in whether Tesla would spark a new phase in Bitcoin’s bull market or whether the rally would be confined to lower timeframes.For popular Twitter account Rekt Capital, support lay at $53,000 as before, with resistance potentially kicking in around a zone with $58,000 as its top.”Bitcoin is currently rallying towards the red area, forming a bullish Morning Star candlestick formation from the blue support area,” comments accompanying a chart showing the two levels read. “Will this red previous support area turn into one of new resistance?”BTC/USD 1-day candle chart (Coinbase) with support/ resistance highlighted. Source: Rekt Capital/ TwitterPreviously, Rekt Capital argued that despite recent losses, it was “too early” to class Bitcoin as forming a falling wedge pattern. At press time, BTC/USD focused on an area above $56,000 after gains slowed as the …
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