- Bitcoin tested the key $50,000 support level on Wednesday but quickly recovered.
- The cryptocurrency was down roughly 16% from its March 13 record highs before a rebound.
- Bitcoin mining stocks, which are highly correlated to the price of BTC, all fell on Wednesday before mounting a recovery.
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Cryptocurrency mining stocks had a tough day on Wednesday as bitcoin tested its key $50,000 support level.
Bitcoin fell to a low of $50,305 on the day before pushing back above the $52,000 level.
Despite recent bullish news, bitcoin has struggled to find price support over the past week.
On Wednesday, Elon Musk said Tesla would accept bitcoin as a form of payment in a Tweet. The news caused bitcoin’s price to jump 5%, but it quickly fell back down.
That’s a big change from when Tesla announced its $1.5 billion bitcoin buy back in February and bitcoin’s price shot up to record highs in a sustained move.
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