The entire spike may not be entirely due to Elon Musk, but we can't entirely write off his influence.
I agree. Elon is pretty influential and recently his tweets about few countries have increased their stocks. For instance, Etsy and dogecoin rose because of Elon's interest.
Google searches for “bitcoin" literally surged big after elon's cryptic endorsement, its basically like an increased interest translates into more buying and stronger price gains. Now bitcoin is looking north, having pierced a two-week bearish trendline on the daily chart. Resistance is seen at $40,112, followed by the psychological level of $42,000.
No wonder an increased inflows onto exchanges happened, including this one with
BTC which i regularly check for volume, this little marketing by Musk has indeed forced out a ton of selling pressure from the derivatives market.
I don't know if thats just his way of teasing the crypto community but its doing some good thing on our coins, hopefully he's not.