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Bitcoin Falls Back to $32K as Elon Musk's Bio Change Fades Into Memory
The price jump coinciding with Elon Musk's Twitter attention retraced over the weekend.
By Zack Voell
Updated Sep 14, 2021, 11:03 a.m. Published Jan 31, 2021, 7:22 p.m.
Even Elon Musk's power has its limits, apparently, as bitcoin gave back all its gains from a nearly 20% pump that coincided with commotion over the tech mogul's Twitter account.
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- Before the weekend, the Tesla CEO changed his Twitter account biography to read #Bitcoin, sending social media into a frenzy.
- Coinciding with the hoopla, BTC jumped from around $32,200 to above $38,400 in a couple hours.
- Several hours later, however, the leading cryptocurrency started to drop, dropping below $34,000 on Friday evening. Through the weekend, BTC continued to trade below $35,000, dropping even further on Sunday.
- At last check, BTC was trading at $32,831.88 on CoinDesk, up slightly from its 24-hour low of $32,229.55.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
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