Tesla dropped 3.1% on Thursday, closing at $571.69 before rebounding slightly later on Friday. The dip produces and opportunity for stock traders to enter the market and to buy the stock.
The price dip comes as Tesla’s CEO, Elon Musk, announced that the company will stop accepting BItcoin for transactions. The reasoning behind this major corporate move is due to concerns for the environment, most likely referring to the impact of the large energy consumption that crypto mining has upon the environment.
Despite the drop, bullish opportunity presents itself should the stock trade above $600. However, should the stock price struggle at the key level, the stock may see further bearish trading.