Chart Of The Day: Why Bitcoin’s Rally Won’t Last – Investing.com

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Chart Of The Day: Why Bitcoin’s Rally Won’t Last – Investing.com

Since mid-March, , the largest cryptocurrency by market cap, has been in a serious slump. However, recently the digital token appears to have recovered, having received a much needed boost from a variety of fundamental influencers. On Wednesday, Tesla (NASDAQ:) CEO Elon Musk, who famously declared earlier this year the EV manufacturer would accept BTC in payment for the company's vehicles, then walked that back in May, just flip-flopped again. Yesterday, at an event hosted by the Crypto Council for Innovation, he hinted that his Palo Alto, California-based company might be rethinking its policy on Bitcoin as a payment option. At the same event, Cathie Wood, head of ARK Investment Management, defended Bitcoin as an inflation hedge during a panel discussion that also featured Jack Dorsey, CEO of Twitter (NYSE:) and Square (NYSE:), defending the cryptocurrency as well. Bloomberg also weighed in, citing a technical signal as reason to be bullish on the Bitcoin rally. The news right now may be supportive of Bitcoin, but we're bearish. Here's why: BTC/USD price found support at the January low, the $29,000 level we’ve been tracking, having reported it it as our line-in-the sand. As we've previously said, if crossed, we’d turn decidedly…