Did Tesla’s statement affect bitcoin?

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The key trend line that bitcoin price broke for the first time in over a month is currently being tested for the first time as a support.

resistance becomes support

Bitcoin is done the first test of the new support took place on 21 July.t, at the same time, the market learned of the news announcement that Tesla has liquidated most of its bitcoin holdings.

Data from Cointelegraph Markets Pro and TradingView showed that the pair BTC / USD struggled in the $ 22,800 zone. after falling from a multi-week high of $ 24,280.

The pair reacted quickly, but relatively modestly, to Tesla’s announcement that its bitcoin position had shrunk by 75%. those. nearly $ 936 million, in the second quarter. Comments from CEO Elon Musk, which avoided direct criticism the largest cryptocurrency seemed to help limit the damage. During a conference call on the company’s earnings, he noted that this sale “it shouldn’t be taken as a judgment on bitcoin.

However, this move ended with several days of sustained bullish growth as BTC / USD rose alongside the traditional stock market as the strength of the US dollar dropped from its 20-year highs. $ 22,800 is the 200-week moving average. BTC has lost a historically significant trend line as support in June and has only risen in the last few days.

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Interesting times for $ btc, reversed resistance and 200 WMA (blue line)

It is currently testing it as a support it should hold for further growth. #crypto #btc https://t.co/SpLJELjq3L pic.twitter.com/cRKoQjaOC6

– 𝐂𝐫𝐲𝐩𝐭𝐨 𝐖𝐞𝐚𝐥𝐭𝐡 (@AskCryptoWealth) July 21, 2022

Be careful with bitcoins

For chain indicators The immediate prospects are ambiguous. While the UT newspaper showed weakness, the data still shows On the monthly chart, a large rally continues.

“This could mean that there will be a retest of the 50-day moving average in the near future, but also that we may not have seen a monthly high. Ignore the noise and look at the charts, “wrote a Twitter columnist.

The 50-day moving average was almost in the same place today as the 200-week moving average. Meanwhile, other analysts have revealed how Tesla dumped its BTCs in mid-June.

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In the past month, inflows to equity markets have increased dramatically for several days. over 63,000 BTC issued market maker (MM).

Coinbase’s MM sent 63,638 BTC to multiple exchanges, mainly Binance and Bitfinex, in the past 72 hours. Record of high daily flows on 12 June.

You’re following someone’s orders.

Live Chart👇https: //t.co/WqbggqIoSD pic.twitter.com/r2gbnZ6yGG

– Ki Young Joo (@ki_young_ju) June 15, 2022

According to the analysis firm Glassnode, the news of the sale has not yet been reflected in significant shocks Exchange scales via panic sellers or opportunistic buyers.

Over the next few days, we will take a closer look to see if Bitcoin can do just that. keep that new key support it’s at maintain an uptrend in the short and medium term.

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