Take-Off: Tesla Sends BTC Skyrocketing — February 9

Chart of the Day

Into uncharted territories: BTC started a strong surge against its previous record high after news of Tesla’s venture into the cryptocurrency space. After a minor consolidation at $44,500, the strong bullish pattern continued, climbing further above the $45k and $46k levels. BTC hit its new all-time high near $48,300 and is now trading well above its 10-hour moving average. On the upside, a break above the $48,300 zone could harbinger more opportunities for gains. With less room for resistance, the once-lofty target of $50k seems within reach. 

Talk of the Town

Forget the moon; Elon Musk wants to send Bitcoin to Mars. It was all systems go for Musk’s Tesla after the company said it has made a $1.5 billion investment into the world’s largest cryptocurrency. The company also said it would start accepting bitcoin as a payment method ‘in the near future’. What was that saying again? That’s one small step for Tesla, one giant leap for Bitcoin mass adoption.