Elon Musk's U-Turn Fails to Put Brakes on Bitcoin's Bull Run

On Sept. 5, Bitcoin closed at $51,808 on the Bitstamp exchange after convincingly breaking above the do-or-die $51,000 resistance level.

The flagship cryptocurrency has reached its highest level since May 12, the day Tesla CEO Elon Musk infamously announced that the e-car maker had suspended Bitcoin payments due to environmental concerns.

The price nose-dived more than 14 percent within 24 hours following the announcement, with critics of the cryptocurrencys massive carbon footprint feeling vindicated.

Things only got worse for Bitcoin. Due to a double-whammy of Tesla‘s about-face and China’s mining crackdown, the leading cryptocurrency tanked roughly 40 percent in just one week, ultimately bottoming at $30,000.

The coins price action had been anemic throughout June. On June 22, Bitcoin reached its local bottom of $28,567.

Things took a bullish turn in early July. Bitcoin scored 10 consecutive green candles over the period from July 21 to July 30.

Now that Bitcoin has managed to smash through $51,000, it is yet to be seen whether the bulls will manage to flip the previous resistance into support.