Bitcoin Faces Trouble as Dollar Logs Fresh 2021 High, Researcher Warns

Key Bitcoin Takeaways Bitcoin reversed its short-term downside bias after Elon Musk introduced a new BTC payment option on Tesla online stores. Meanwhile, the US dollar index reached a fresh year-to-date after Jerome Powell’s congressional testimony on Tuesday. One researcher warned that any further strength in the US dollar market could force Bitcoin prices lower.

Bitcoin traded higher on Wednesday after spending the previous session in losses as Tesla announced that it has started accepting the cryptocurrency as payments for its electric vehicles.

The benchmark cryptocurrency rallied to $56,666 during the early morning session in London. Traders flocked back into the market after Tesla founder Elon Musk elaborated the nature of their Bitcoin involvement, confirming that his company will not convert their BTC earnings to fiat. Before the tweets went viral, Bitcoin was changing hands for as low as $53,527.

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