Bitcoin drops $ 66,000, Tesla drops 3% after Elon Musk warns he could sell more shares

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Bitcoin (BTC) tested $ 65,000 as support as US markets opened on November 15 with a weekend rise that ended in a retracement.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewAnalysts Maintains Positive BTC Price Outlook

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD was returning some of its gains overnight, hitting local highs above $ 66,000.

Moving away from recent trends, the pair failed to recover further in the start of trading on Wall Street, instead aiming for the old all-time high in April.

For Cointelegraph contributor Michaël van de Poppe, higher levels were more important for preserving an overall bullish momentum in the short term.

“Still looking at a potential upward wedge structure here,” he summed up, alongside an annotated chart.

“Clear the bullish breaker if Bitcoin breaks above $ 66.4K- $ 66.8K.”

Elsewhere, attention has focused on indicators, suggesting that there may be more room for price growth before classic cycle top signals emerge.

Highlighting the Spent Output Profit Ratio (SOPR), Philip Swift, creator of the Look Into Bitcoin data resource, contrasted the current market state with the “overheated” atmosphere of early 2021.

“These on-chain daily p / l levels are so low. Yesterday was close to negative again. We are nowhere near the overheated levels you see on the left side of the chart,” he commented.

“With fairly flat funding too, probably not much longer before it starts to grow significantly again.” Bitcoin SOPR chart. Source: Philip Swift / Twitter

SOPR examines the price at which coins have moved over a period of time and is useful in determining investor behavior at different segments of Bitcoin’s price cycles.

Further Tesla drop proves crypto testing

Ether (ETH), Solana (SOL) and Polkadot (DOT) were the major major altcoins of the day, standing out from the flat progression of other tokens.

Related: “The Bull Market Distribution Has Begun” – 5 Things To Watch Out For In Bitcoin This Week

Up 2.6%, ETH / USD was trading above $ 4,700 at the time of writing, once again approaching all-time highs and the $ 5,000 mark.

Do you want me to sell more stocks, Bernie? Just say the word …

– Elon Musk (@elonmusk) November 14, 2021

In traditional markets, Tesla (TSLA) fell more than 3% as the U.S. market opened, a move that saw Bitcoin mimic behavior, as it did last week.

In a somewhat heated Twitter exchange, CEO Elon Musk threatened to add to his existing stock sales.

1-day TSLA candle chart. Source: TradingView

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