Bitcoin Recovers Above $113,000 After Musk Denies WSJ Report and Binance's Plasma Stablecoin Initiative – Can BTC Reclaim $120,000 Soon?

Bitcoin Recovers Above $113,000 After Musk Denies WSJ Report and Binance's Plasma Stablecoin Initiative – Can BTC Reclaim $120,000 Soon?

Bitcoin price above $113,000: reaction to Musk and Binance

Bitcoin price has rebounded above $113,000 after Elon Musk dismissed a Wall Street Journal (WSJ) report and Binance announced moves regarding its Plasma stablecoin. These developments could be important for investors as the question arises as to whether Bitcoin can soon reclaim the $120,000 mark.

Elon Musk, the CEO of Tesla and SpaceX, has dismissed the WSJ report as inaccurate, which could potentially have a negative impact on the cryptocurrency market. This clarification helped boost investor confidence and stabilize the Bitcoin price in the short term.

Additionally, Binance, one of the largest cryptocurrency exchanges in the world, has made a significant move with its Plasma stablecoin. This measure could further strengthen the ecosystem around cryptocurrencies and provide more liquidity in the market.

The ongoing developments in the cryptocurrency space and the reaction of prominent figures like Musk can be crucial for the future price development of Bitcoin. In the long term, the question remains whether BTC is able to break the psychologically important $120,000 level and continue moving higher.

Investors and analysts will be keeping a close eye on the next few days to see if Bitcoin can continue the positive trend and reach new highs.