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Bitcoin Weekly Forecast: BTC recovery foiled as Elon Musk resurfaces, adoption continues

6/4/2021 1:31:23 PM GMT Bitcoin price dropped 6% and continues to decline after Elon Musk’s recent tweet. Google decides to run crypto-related ads after early 2018 ban. China pulls a 180 as state-run media outlets reveal that the public is free to trade cryptocurrencies. Bitcoin price is currently witnessing massive selling pressure, likely from retail buyers, after Tesla CEO Elon Musk issued another market-convulsing tweet. Although vague, retail has already started offloading its holdings. While this is bearish in the short-term scenario, several on-chain metrics suggest the opposite. Bitcoin price tanks Tesla CEO Elon Musk s involvement in Bitcoin has been an interesting development to track. His tweets on May 12 and May 19 played an important role in accelerating the BTC price crash.

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