At the beginning of this year, Tesla announced that it would accept Bitcoin as a payment for car purchases, and the price of Bitcoin has skyrocketed as a result. In May, after Musk announced that Tesla would no longer accept Bitcoin as a payment option due to environmental concerns, the price of Bitcoin began to dive. At the beginning of July, Musk said that Tesla would resume accepting Bitcoin in the future. Last week, Amazon issued a message to recruit people in charge of digital currency and blockchain products, which aroused people's attention. Therefore, many people would think these news caused changes in the price of Bitcoin.
https://www.forbes.com/sites/martinrivers/2021/07/27/bitcoin-didnt-care-about-tesla-and-it-doesnt-care-about-amazon-either/?sh=48dd020513b8
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Trendlines act as support and resistance levels once widely recognized by traders, creating either a floor for price-action recovery or a ceiling for downward momentum to resume.
But bitcoin price fluctuations are largely affected by technical indicators rather than basic events. Bitcoin's short-term upward trend began before Amazon's job advertisement was announced, and the pace of the trend does not seem to be affected by news reports. These news will affect Bitcoin's short-term price fluctuations. In the long run, Bitcoin will not care about Amazon's recruitment information or Tesla's sentiment to cause price fluctuations.https://www.forbes.com/sites/martinrivers/2021/07/27/bitcoin-didnt-care-about-tesla-and-it-doesnt-care-about-amazon-either/?sh=48dd020513b8
Despite the technical analysis, we can't deny the fact that Elon Musk and Amazon indeed have an impact on the value of bitcoin. I know that bitcoin's nature is volatile. It always is and therefore anyone in crypto must know that it is usual for its price to pump and dump at any time of the day. However, whenever Elon releases a statement regarding bitcoin, the price of bitcoin in the market always moves. This is due to the fact that Elon Musk has a big fan base and followers that keep track of his prediction. These people are the typical ones that follow the hype and baseless information without counterchecking on their end. Hence, the prices in the market move either upward or downward base on the information they have heard, they will sell or buy. They cause fluctuations on the price charts most especially the newbies that just follow the trend without doing technical analysis at all.
In addition, the mass adoption of bitcoin really did impact and is continually making an impact on bitcoin's value. Because of bitcoin adoption, soon enough more people will be interested to invest in bitcoin which can lead to price increase due to increase market demand.