By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

The time when investors were telling jokes about Elon Musk’s intentions to buy a huge amount of BTC is over because Tesla did buy Bitcoins worth $1.5 billion. The cryptocurrency market immediately responded to this news with an outstanding bullish rally and the leading digital asset updated its all-time high by testing $48,000 amid aggressive purchases from retail investors.

btc/usd

In the daily chart of BTC/USD, the RSI has broken 70 to the upside. Earlier, the indicator already did it twice within the current trend. The first time, the asset rose from $12,400 to $20,200, thus covering almost $8,000 while the indicator was above 70. The second growth was from $20,200 to $42,400, which is more than $22,000. At the moment, it’s the third time the indicator is moving above 70 and that may be a signal in favor of another strong bullish impulse with potential growth of over $22,000 per coin.

As far back as January 2021, Tesla announced its investment policy, according to which it was…

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Source: https://themerkle.com/how-tesla-pushing-the-entire-crypto-market-upwards/