Bitcoin Dives Along With Tesla

Tesla’s CEO Elon Musk announced that the company would no longer allow for customers to purchase their cars using Bitcoin. As a result, Tesla stock prices fell; however, along with the dive of Tesla, the major cryptocurrency took a dive as well.

The reverse in corporate decision which once propped up the cryptocurrency, has now brought the price below $50,000.

The BTCUSD pair may continue to be bearish as it trades below the $50,000 key level. Support may be found further below at $46,000. Should Bitcoin break above $50,000 the pair may be bullish until the next key resistance level found at $55,000.