From September 9 to September 16, the price of bitcoins (BTC) increased by more than 11%. Similarly, Tesla’s (TSLA) shares from the same period rose from $ 330.21 to $ 449.76, an increase of 36.2%.

Millennials love TSLA stocks and Bitcoin
The Tesla stock and the bitcoin price have seen a strange connection in recent weeks. The correlation may be due to the similarity between the price movements of BTC and the S&P 500. It may also be due to the fact that thousands of traders actively trade both BTC and TSLA.

Tesla shares close to record with Bitcoin over $ 11,000
The day bitcoin rose above $ 11,000 on major cryptocurrency exchanges, Tesla’s stock price approached its full-time high.

TSLA has fallen since the beginning of September after the Financial Times reported that SoftBank was Nasdaq’s whale. Following this report, market sales continued: in six days, the Nasdaq fell by 10%.

But after the first plunge, the US stock market began to recover and Tesla’s stock price rose. Coincidentally, the price of bitcoin simultaneously rose from $ 10,300 to $ 11,100.

Avocado is another resource that has something to do with the price of bitcoin. The spot price of the Michoacan Mexico City Hass Avocado has changed in the same way as BTC since June 2018.

One of the similarities between Bitcoin, Avocado and Tesla is that all three are especially loved by retailers and millennials.

On July 14, for example, Bloomberg reported that 10,000 daily traders at Robinhood bought Tesla shares in one hour at the peak of the day.

Major market data providers have also noted some similarities between Tesla and Bitcoin. As Cointelegraph reported, Tesla and Bitcoin were the most valuable assets in July, according to TradingView, as demand for trading increased during the day.

According to avocado suppliers, demand for avocados has increased in recent months along with Bitcoin and Tesla. Alvaro Martinez, director of Axarfruit, said:

In truth, in the first months of the pandemic, demand went wild and we drowned in orders. Then, with the huge proliferation of Peruvian avocados, prices fell as the Andean country supplied smaller quantities to the United States due to good supplies from California and Mexico. Lower prices are driving demand growth, which has been higher than in the same period in previous years.

Where will Bitcoin go?
In the short term, traders expect either a new $ 10,110 test or a decline of $ 10,200.

Tesla’s share price fell 2.55% during trading before the sale, and it remains to be seen whether it will match the BTC price movement again.

As TSLA shares fell overnight, Bitcoin’s price fell from $ 11,000 to $ 10,800, down 2.5%.

Michael Van de Pope, a resident trader on the Amsterdam Stock Exchange, said that Bitcoin is in critical opposition. He said:

“The levels I see at $ BTC are organized here. In the short term, there is still an upward trend, but critical resistance to the outbreak. If $ 10,750 is not held, $ 10,600 is next, most likely around $ 10,200. $ 10,750 is withheld. There will probably be another $ 11,100 test. “

Source: CoinTelegraph