Bitcoin approaches $ 64,000 as Tesla shares hit ATH and Elon Musk gives hints of crypto adoption

Bitcoin price moved closer to $ 64,000 in a new bull run on October 25 as the markets left a bleak weekend.

BTC / USD 1 hour candlestick chart. Source: TradingView

TradingView data confirmed a solid 6.5% increase for BTC / USD, offsetting previous losses after falling from new all-time highs last week.

With $ 60,000 acting as support, sentiment among analysts is far more optimistic.

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“It looks like Bitcoin has successfully retested the green zone as a support.”

For analyst Michaël van de Poppe, any level above USD 57,000 for BTC / USD is still welcome.

“I think we will have a period of consolidation or continuation of the rally with slight sideways movements before we get back to $ 91,000,” he summarized in his latest YouTube update.

Tesla overtakes Facebook and plans to support crypto again

Bitcoin isn’t the only cop of the day. Tesla also had impressive performance with the stock price reaching an all-time high and is currently targeting $ 1,000. Tesla’s market cap has hit $ 1 trillion after closing a landmark deal with car rental company Hertz.

Tesla CEO Elon Musk also saw his personal fortune hit $ 250 billion when he reaffirmed his BTC holdings.

TSLA 1-day candlestick chart. Source: TradingView

Tesla has now overtaken Facebook to become the fifth largest US stock.

In addition, the major electric vehicle maker has hinted that support for crypto payments could be restored soon.

In one file Filed quarterly with the US Securities and Exchange Commission, the company said it “is likely to start trading cryptocurrencies again in the future.”

The company also expressed its longstanding belief in crypto assets as a store of value and a means of payment, stating:

“We believe in the long-term potential of digital assets as an investment and as a liquid alternative to cash.”

Tesla previously accepted Bitcoin as payment for electric vehicle purchases between January and March this year. The move is part of a broader Bitcoin embrace from Tesla, with the company also investing $ 1.5 billion in BTC in the first quarter of 2021.

However, support for Bitcoin was quickly discontinued after the company was criticized for supporting BTC even though PoW mining had a negative impact on the environment.

In June, CEO Elon Musk hinted that Tesla would consider continuing to support Bitcoin payments if at least half of the Bitcoin network’s hashrate is powered by renewable energy.

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Annie

Bitcoin magazine

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