This is the second time in the last 24 hours that the BTC might have been denied by the 40k mark. The crypto asset has been going sideways in lesser timeframes, but it has finally started to go up and stayed in the green zone consistently after staying in the red zone for a whole week.
The price of BTC is currently around 39k, which shows a 5.9% increase in profit in the weekly charts, but the crypto asset is still at a 27% loss in the 30-day trading charts.
BTC is down
Bitcoin experienced one of the biggest and worst crashes in the history of the crypto asset on the Black Thursday of March 2020. The price of BTC went down beyond all its critical support. All the bulls were shellshocked as they have been trying to regain the last critical support, which was flipped into a resistance point.
Elon Musk, the CEO of Tesla, was one of the people who served as a catalyst for this process. On two separate occasions, The Tesla maestro and Twitter sensation spoke publicly about the negative environmental footprint of BTC and took a stance against it. The price of BTC steeply fell down due to this, and Elon Musk was bashed by the crypto asset community very badly for his actions.
Ironically, according to the data provided by Glassnode, it shows that the time when Tesla Industries announced their purchase of BTC, there was a stir in the crypto asset market. This announcement proved to be positive for the BTC community as the entities holding 100 to 1000 BTC increased by a staggering number. In other words, the crypto whales have been a lot more active since Tesla has acquired a huge amount of BTC.
A historic crash of BTC
According to a report by an analyst, Checkmate from Glassnode, it estimates that around $4.53 billion of daily realized losses were incurred on 19th May, with a sum of $14.2 billion on the 21st week. This amount is higher than the one which was recorded during March 2020, also Jan and Nov 2018, when BTC experienced a significant decrease in its price.