Tesla Inc. NASDAQ: TSLA

Bitcoin moved below the $47,000 support level, followed by a potential Head and Shoulder pattern. As a result, the price crashed below the $34,000 level from where buyers’ can regain the momentum.

The world’s largest electric vehicle maker Tesla stock price fell close to 25% from its previous all-time high of 900 that it had hit early this year. The selloff is totally blamed on investor's profit takings and rotation towards value stocks that are benefiting from economic reopening.

Tesla (NASDAQ: TSLA) founder Elon Musk appears bullish over the future fundamentals of Bitcoin (BTC-USD) as the largest electric car maker generated $1 billion from its investment in the most valuable cryptocurrency. Early this month, Tesla reported an investment of $1.5 billion in bitcoin and announced to accept the digital coin as a valid form of payment.

The mid-cap analytics company MicroStrategy (NASDAQ: MSTR) has generated big gains for investors in the past two quarters amid the massive rally in bitcoin (USD-BTC) price. The chairman and chief executive officer Michael Saylor’s strategy of converting fiat currency into digital coins worked for MicroStrategy because the company has successfully turned its millions of dollars into billions of dollars.

Bitcoin price has hit the $49.7K mark in Sunday trading after hints that banks, which were the major critics of digital currencies, have also started capitalizing on profit-making opportunities from the cryptocurrency markets.  The Valentine’s Day rally was driven mostly by the announcement from the nation’s oldest bank BNY Mellon of opening up its custody services to digital assets.

Bitcoin (USD-BTC) price cruises to a new all-time high of $48600 level in Thursday trading but failed to breach the $50K resistance level and fell back to the $47K range. However, the market fundamentals suggest $50K is just a near-term physiological mark as the largest cryptocurrency is set to generate massive gains this year.

Bitcoin (BTCUSD) price extended the upside momentum and hit the new all-time high of $47K in early Asian trade on Tuesday, thanks to Tesla’s (NASDAQ: TSLA) $1.5 billion worth of investment in the cryptocurrency – which many analysts believe has set the path for wider corporate acceptance.

The world’s richest man and Tesla (NASDAQ: TSLA) founder Elon Musk has been frequently tweeting about Dogecoin (DOGUSD) over the past few days, pushing the joke coin price to all times high and helping stretching the market cap to $10 billion.

Tesla (NASDAQ: TSLA) founder Elon Musk, who frequently talks about bitcoin, will accept bitcoin as a legal form payment for Tesla products in the near future, disclosed it invested $1.5 billion in the largest digital currency. Tesla ended 2020 with $19 billion in cash and cash equivalents.

Investor’s strategy of capitalizing on tech stocks selloff is helping in building a new momentum in the NASDAQ index, which is likely to continue for the next few months because the majority of big tech and information technology companies are seeing bright prospects ahead.

Although Tesla stock price snaps the winning streak after rallying more than 30% in the past eleven days, the electric vehicle buzz will further amplify in the days to come as the demand is likely to substantially outpace supplies.

Tesla (NASDAQ: TSLA) stock and Bitcoin are among the two hottest plays of 2021 as market participants have aggressively been expanding bullish bets.

The whopping Tesla stock price rally of more than 740% in 2020 stunned many pundits, but fundamental indicators and bullish forecasts hint that the stock run is unlikely to stop into the new year.

Tesla stock price extended the bullish trend ahead of inclusion to the S&P index amid bullish calls from top analysts.

Tesla stock price jumped to a new all-time high of $530 as the largest electric vehicle company accelerated last week's gains by another 8%. Investors appear bullish over the future fundamentals of electric vehicles because advanced countries' are aggressively heading towards their zero-emission policy.    

Tesla stock price is among the best performers in the tech-heavy Nasdaq index as investors applauded the decision of adding a stock of the largest electric vehicle company to a broader market S&P 500 index.