So what's causing the current rise?

[15days]

BTC went up %13 in one day, as you guys might know. I know what caused it to decline (our troll friend Elon). What's causing it to rise back up?

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[Sterbens]

The recent rise in the price of Bitcoin has been astounding, where most of the information we have is that a bear market is happening. but in fact the bear market did not last long. so still waiting for this increase to continue to $40,000 more, we are looking forward to it.
despite the profit factor, I believe Bitcoin is not for individuals to play with.

Please stop talking about him and start looking the other way.

[NeuroticFish]

BTC went up %13 in one day, as you guys might know. I know what caused it to decline (our troll friend Elon). What's causing it to rise back up?

Some say that it was another tweet from our friend.
Some say it may be Taproot lock in over week-end.
I'd say that the artificial, FUD based downtrend had to end (sooner or later) and it's just about time for that.

It may worth mentioning that the hash rate seems to be recovering too.

[15days]

BTC went up %13 in one day, as you guys might know. I know what caused it to decline (our troll friend Elon). What's causing it to rise back up?

Some say that it was another tweet from our friend.
Some say it may be Taproot lock in over week-end.
I'd say that the artificial, FUD based downtrend had to end (sooner or later) and it's just about time for that.

It may worth mentioning that the hash rate seems to be recovering too.

What did he tweet this time?

[CryptoStar19]

The bears are exhausted and are going into hibernation. :-)

[NeuroticFish]

What did he tweet this time?

He seems to have been saying that Tesla Will Start Accepting Bitcoin For Payments Again. Of course, the herd didn't read the rest which tells that nothing has changed.

When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.

I did a quick check and I didn't find the tweet though.

[stompix]

I did a quick check and I didn't find the tweet though.

It was a reply, that's why is not showing on his main page
https://twitter.com/elonmusk/status/1404132183254523905

10k comments and 50k likes for a reply in less than 24 hours, and people are stills saying Musk is becoming irrelevant and his influence is fading away! We're living in the social media age, one fart by those so-called influencers and everything is upside down no matter what the reality is or what pure reason tells you it should happen.

Of course, the herd didn't read the rest which tells that nothing has changed.

The herd never reads, or if it does no matter what is written there they will understand what they want to.
But right now, I don't care that much, it's going up so everything is fine, wait till the moron opens its mouth again...

[Lucius]

BTC went up %13 in one day, as you guys might know. I know what caused it to decline (our troll friend Elon). What's causing it to rise back up?

13% up or down is nothing we haven't seen very many times - that percentage used to be much higher on some occasions. People are always trying to find a reason why something happened in order to try to predict the market in the future - but in most cases the reasons are only discovered in the future or remain completely unknown.

What seems to me to be the reason for today's growth is the fact that the price has stabilized in the zone above $30 000 for a long time and that each time there was strong resistance in that zone - the market simply moved in the other direction, but now we need to see if it can keep that direction or will repeat tomorrow the same story we have been watching for the past month.

10k comments and 50k likes for a reply in less than 24 hours, and people are stills saying Musk is becoming irrelevant and his influence is fading away! We're living in the social media age, one fart by those so-called influencers and everything is upside down no matter what the reality is or what pure reason tells you it should happen.

EM may no longer enjoy the trust and respect of one part of the crypto community, but its number of followers is increasing every day, which means that its popularity continues to grow. If we go in the direction of conspiracy theories, who can say with certainty that he deliberately bring down the price to accumulate even more coins - and now indirectly gives signals that it is possible that he will change his mind.

[hitsnorth]

It's not so bit percentage to be surprised. We've seen a lot bigger. El salvador, Taproot, Elon's tweet and other things did it.

[speedy963]

Probably that fcked up troll Elon Musk again. I really can't understand the mind of the masses nowadays. Never have I thought in the past that a time would come when lots of investors would rely on someone's tweet to make profits or decide when to buy or sell. This is just outrageous, and here I thought people already learned well after Elon Musk dragged this whole industry to the bearish times and made lots of people lose their capital. Don't get me wrong, I love to see green on ky portfolio, it's just that I think it would've been better if the price went up because accumulation process has finished and the hdling process just started.

[Kong Hey Pakboy]

It's not so bit percentage to be surprised. We've seen a lot bigger. El salvador, Taproot, Elon's tweet and other things did it.

Don't forget the Nexon purchase worth 100m USD in bitcoin, these barrage of more positive news is a good indicator that the prices are going to rice again in the next month or so since there's another institutional investor joining the fray.

[pawanjain]

As of now the current price of bitcoin is $41,000.

There are just two news today which might have caused the increase in bitcoin price.

1. Elon Musk replying to a tweet about accepting bitcoin for Tesla when it uses more than 50% clean energy
2. Paul Tudor Jones speaking about inflation of USD and advicing to hold at least 5% in bitcoin

Both the news have created a positive sentiment today and I think this is why we are seeing the current spike.
But I also think that the price will correct soon. We might see below $40k again followed by another pump in price.

Reference:
https://twitter.com/elonmusk/status/1404132183254523905
https://cointelegraph.com/news/bitcoin-price-hits-40k-as-paul-tudor-jones-slams-fed-inflation-claims

[UKprod]

BTC went up %13 in one day, as you guys might know. I know what caused it to decline (our troll friend Elon). What's causing it to rise back up?

I guess that's because BTC hit one of its support prices and now investors are pouring in some money seeing a decent recovery from the support price. Also, Bitcoin adoption by El Salvador and other positive news are likely to boost the price of bitcoin.

Also, the recent trend of "buy the dip" is influencing the masses to buy Bitcoin at the current price.

[jossiel]

Combination of many reasons. Tap Root, E***s tweet again, El Salvador's good news and the usual market that whenever we see a crash.

There's a recovery after it. I guess we're going to see $50k again if this continues but I know that there will be some stoppage along its way.

[DOH!]

BTC went up %13 in one day, as you guys might know. I know what caused it to decline (our troll friend Elon). What's causing it to rise back up?

I guess that's because BTC hit one of its support prices and now investors are pouring in some money seeing a decent recovery from the support price. Also, Bitcoin adoption by El Salvador and other positive news are likely to boost the price of bitcoin.

Also, the recent trend of "buy the dip" is influencing the masses to buy Bitcoin at the current price.

Even so, Elon can be a bully and a jerk given the thoughtless transmission of recent tweets.  But again, Elon and Tesla continue to accept bitcoin under different circumstances.  Next, after the opening from El Salvado, it is very likely that a new move in Tanzania is making a big impact and effect.
https://swahilitimes.co.tz/2021/06/rais-aiagiza-bot-kujiandaa-na-matumizi-ya-sarafu-za-kimtandao-cryptocurrency/
 It has driven the price up again, 12% now is just the beginning and I believe bitcoin is still in the race to $100k, grab it!

[seoincorporation]

Looks like someone invests a huge amount of money, the market cap goes up from $1.55T to $1.74T, so that means someone or a group invest $0.2T in the market, and with a huge amount like that for sure we see how the price has a nice bump.

Some people say the bump was because tesla says in a tweet that they will accept bitcoin if the miners goes 50% green, but I'm not sure.

[evilgreed]

               It may be a coincidence but just a few moments after Elon Musk said something again, the price went up quite a lot. But I really am not sure whether this is just because of his influence alone or because of some ofher good news like that famous dj selling some property and accepting bitcoins or Ethereum as payment. Or maybe, the bears had enough of accumulating and wants to see some profits now and so bulls have regained the upper hand.

[Naficopa]

BTC went up %13 in one day, as you guys might know. I know what caused it to decline (our troll friend Elon). What's causing it to rise back up?

It's quite natural for the price to be corrected after a big drop. The same happens with a large and sharp increase in price - there is almost always a correction and subsequent movements in the opposite direction. This is how all financial markets work and it is the same on classic and cryptocurrency exchanges.

[Beparanf]

              It may be a coincidence but just a few moments after Elon Musk said something again, the price went up quite a lot. But I really am not sure whether this is just because of his influence alone or because of some ofher good news like that famous dj selling some property and accepting bitcoins or Ethereum as payment. Or maybe, the bears had enough of accumulating and wants to see some profits now and so bulls have regained the upper hand.

It's not a coincidence but rather people is fomo buying after Elon Tesla accepts Bitcoin again. The dump from all time high is due to consecutive bad news on cryptocurrency plus the multiple tweet of Elon against Bitcoin farming. This is the news we are all waiting for trend reversal. Elon supporters and fomo buyers is now having confidence to accumulate more crypto especially Bitcoin and Dogecoin.

[LimLims]

BTC went up %13 in one day, as you guys might know. I know what caused it to decline (our troll friend Elon). What's causing it to rise back up?

Listen mate, as far common knowledge Bitcoin follow the rule of supply and Demand.
If the demand will be more and supply less then gradually the price will increase.
As Musk made the price of BTC down, so many people thought to buy the coin now in low price, so the demand increased and supply became less.
This led to the rise of the price according to my knowledge.
I have also seen some twitter posts from any government regarding positive thought towards Bitcoin, this might also helped to make the price rise high.