Elon Musk's U-Turn Couldn't Put the Brake on Bitcoin's Bull Run.

On September the 5, BTC closed at $51,808 after a clear break of the $51,000 resistance on the Bitstamp exchange.

The flagship cryptocurrency reached its highest level on May 12 after Tesla CEO Elon Musk infamously announced that the electric car maker had stopped paying Bitcoin due to environmental concerns.
Elone Musk's tweet(tesla & bitcoin)

The price plummeted more than 14% within 24 hours of its announcement, and criticism of the cryptocurrency’s massive carbon footprint was justified.

The situation for Bitcoin has only gotten worse. Due to Tesla's bold face and China's mining crackdown, major cryptocurrencies plummeted about 40% in a week, ultimately hitting the bottom of $30,000.

The coin’s price movement was weak throughout June. On June 22, Bitcoin reached the local floor of $28,567.

The situation intensified in early July. Bitcoin hit its 10th consecutive green candle from July 21st to July 30th.

Now that Bitcoin has broken through $51,000, it remains to be seen whether the bulls can turn their previous resistance into support.

Elon Musk is still a Bitcoin proponent.
Bitcoin holders would like to assume that Elon Musk is becoming meaningless in the crypto community, but he may be partly responsible for his continued recovery.

Coincidentally, the biggest cryptocurrency started its bullish streak on July 21, the day Musk reaffirmed support at the "The B Word" conference.

The geeky billionaire says he's not interested in dumping bitcoin, he claims he wants cryptocurrencies to succeed.

When the price of Bitcoin falls, I lose money. You can pump it, but you can't throw it away.

As U.Today reported, he said that Tesla is "most likely" to accept Bitcoin again.