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Market Moves: Bitcoin Eyes $40K as Musk Says Tesla May Use Crypto in Future
Technician's Take: Bitcoin Attempts Range Breakout; Faces Resistance at $42K

Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker at 9:00 a.m. U.S. Eastern time. Today the show will feature guests:

Jehudi Castro Sierra, Digital Transformation Advisor to the President of Colombia
Greg Magadini, Genesis Volatility CEO
Jeremy Welch, Kraken Chief Product Officer

These are the biggest movers in the CoinDesk 20 over the past 24 hours:

Gainers:

The Graph (GRT): +14.5%
Aave (AAVE): +10.1%
Chainlink (LINK): +9.5%
Uniswap (UNI): +9.2%

Losers:

NuCypher (NU): -1.8%

The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.

Bitcoin Eyes $40K as Musk Says Tesla May Use Crypto in Future

Bitcoin looks north as Tesla CEO Elon Musk says the electric-car maker will accept the cryptocurrency as an alternative payment subject to miners meeting environmental standards.

Bitcoin prices with 200-day moving average, May-June 2021 (Source: TradingView)

The cryptocurrency is trading near $39,200 at press time, representing an about 11% gain on a 24-hour basis. Prices hit a 2 1/2-week high of $39,794 earlier Monday, according to CoinDesk 20 data.
Buyers stepped in on Sunday after Musk tweeted that Tesla will allow bitcoin (BTC, +9.76%) transactions again "when there's confirmation of reasonable (50%) clean energy usage by miners with a positive future trend."
"Musk's latest tweet is net positive for bitcoin because it not only gives a benchmark for Tesla to deem the cryptocurrency carbon neutral, but it will force mining groups to publicize information, therefore making the entire mining operations more transparent and environmental, social, and governance-friendly," Nick Mancini, a research analyst at Trade the Chain, said.
"It will put the juice to the upside," Brian Tehako, executive director of Trading Desk Operations at the digital-assets market maker Hehmeyer, told CoinDesk in a Telegram chat. "Our five-day simple moving average crossed through the 20-day average [a bullish development]. The market could rise to $41,900."
The widely-tracked 200-day simple moving average (SMA) resistance is currently located at $42,484, according to technical analysis data source TradingView.
Tesla first announced bitcoin as a payment option in February, only to suspend it early May on environmental concerns.
While the market mood has improved in the past 24 hours, caution ahead of the Federal Reserve rate decision, due Wednesday, may keep gains in check.
The Fed's liquidity-boosting monetary policy has come under fire in recent weeks, with former central bank officials, economists, and market participants calling it inappropriate amid inflation concerns.
"Rather ironic to live whining about the Fed, yet without the Fed and its expansionary policies, the price of bitcoin would be 90% lower," trader and analyst Alex Kruger tweeted

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Bitcoin Eyes $40K as Musk Says Tesla May Use Crypto in Future

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Bitcoin Attempts Range Breakout; Faces Resistance at $42K

Bitcoin (BTC) held support around $34,000 over the weekend and is approaching resistance around $40,000-$42,000. The world’s largest cryptocurrency has been consolidating for nearly a month as buyers established a solid base around $30,000.

A breakout from the range would yield further upside towards $50,000. However, sellers remain in control given strong overhead resistance.

Bitcoin was trading around $39,300 at press time and is up about 9% over the past 24-hours.

Bitcoin four-hour chart shows short-term support and resistance levels with RSI (Source: TradingView)

The short-term trend is improving as price returned above the 100-period moving average on the four-hour chart.
There is immediate resistance at $40,000 which could limit upside, especially as the relative strength index (RSI) appears overbought on the four-hour chart.
Minor support is seen around $34,000 which is the mid-point of the short-term range. If support holds, a decisive breakout above $42,000 could shift the downtrend from May.

Read the original story here:

Bitcoin Attempts Range Breakout; Faces Resistance at $42K

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In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

Latin America’s Reaction to El Salvador Bitcoin Adoption News; Texas Authorizes State-Chartered Banks to Custody Crypto

"First Mover" explores countries considering bitcoin adoption and the reasons the idea is gaining traction. Edan Yago, the co-founder of DeFi protocol Sovryn with business interests in Latin America, shares his news and perspectives. Also joining the show to discuss the crypto markets is Joel Edgerton of bitFlyer USA, the U.S. arm of the Japan-based crypto exchange. Plus, IBM is seeking to get back into the blockchain business in a big way. The company's blockchain lead, Kareem Yusuf, discusses IBM's plans to help enterprises move into the blockchain era.

Tesla Will Resume Taking Bitcoin as Payment Once Miners Go 50% Green, Musk Says

The comments provide a first benchmark for reinstating bitcoin payments at Tesla.
Crypto Long & Short: The Market Gets Smarter

This week, the cryptocurrency markets displayed a more sophisticated understanding of regulatory and technology risk.
Tanzania’s President Urges Central Bank to Prepare for Crypto

The president's speech follows El Salvador's adoption of bitcoin as legal tender.
Banks in South Korea Instructed to Treat Crypto Exchanges as High-Risk Clients

Banks will have to deny services to clients that do not comply with ID verification requirements or fail to report suspicious activity to the FSC's anti-money laundering unit.
Crypto Monitoring ‘More Effective’ Than Outright Ban, Dutch Finance Minister Says
The minister was responding to calls by the head of Bureau for Economic Policy Analysis for a total ban.

Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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