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Can Elon Musk, Cathie Wood and Jack Dorsey Save Bitcoin?

Bitcoin is doing its best to keep its head above water. Can Musk, Wood and Dorsey throw it a life preserver or will it continue to sink?

Bitcoin prices have been under heavy pressure for several months. But on Wednesday the cryptocurrency is up about 8%.

Today’s gains aside, it hasn’t been pretty. Bitcoin is still down 50% from its April high, as the stock peaked on the same day Coinbase  (COIN)  came public.

Despite big names advocating for Bitcoin, the cryptocurrency hasn’t been able to find its stride.

Tesla  (TSLA) - Get Report Chief Executive Elon Musk, Ark Invest’s Cathie Wood and Jack Dorsey of Twitter  (TWTR) - Get Report and Square  (SQ) - Get Report are coming together to discuss the cryptocurrency at the latest Bitcoin conference, “The ₿ Word.”

Dorsey just last week even unveiled Square’s new Bitcoin platform.

Will the trio be able to create enough of a stir to jumpstart Bitcoin? So far, the pre-event hype has driven it higher, but there’s no guarantee that it will last.

Let’s look at the charts.

Trading Bitcoin

Daily chart of Bitcoin.

Daily chart of Bitcoin.

Yesterday, Bitcoin prices broke below $30,000 as the entire space was under pressure.

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On the one hand, Bitcoin continues to find support around the $29,000 to $30,000 area. On the other hand, how many times can it test this level without failing?

That has to be bulls’ main concern.

Bitcoin set a low around $28,600 to $28,800, depending on the data provider. That came in late June amid crackdowns in China that had investors nervous about the longevity of Bitcoin. Still, support held.

One of those support levels was the 50-week moving average, but this measure failed earlier this week. With Wednesday’s rally, Bitcoin is rallying back to this measure, along with the 21-day moving average.

If Bitcoin can’t reclaim these moving averages, this week’s low near $29,300 will be in focus.

A break of that mark puts last month’s low on the table. We’ve seen continuous breaks in Bitcoin, but each time, the cryptocurrency finds its footing and reverses higher.

If it can’t do that and it closes below the June low, it’s possible we finally see a larger move to the downside. That could send it to the $24,500 area.

On the upside, see if Bitcoin can reclaim the 50-week moving average. Above it puts the 50-day moving average in play, followed by the 10-week.

I think at some point Bitcoin will be a buy. But before it becomes more attractive, we need to see proof on the upside. That means it must reclaim key measures and rotate higher, or we need a flush lower.