Bitcoin Price Rally Stalls, Falls below $23,000 amid 75% of BTC Sold by Tesla

After briefly breaching the $24,000 mark, Bitcoin fell below $23,000 to $2,895.94 at the time of writing, after the annocemnet of Tesla had sold 75% of its bitcoin in Q2.

TSLA sold 75% of their Bitcoin for an average price of $28,888 – nearly a 9% discount from their average entry of $31,620.

According to analyst Kaleo, that price also coincides with the breakdown of the initial support level that led to cascading liquidations across the market in mid-June.


Electric car manufacturer Tesla (TSLA) announced that it sold $936 million worth of Bitcoins or 75% of its holdings in the second quarter.

The Telsa CEO noted that the sale “should not be viewed as a ruling on Bitcoin” and “certainly increases our Bitcoin holdings in the future”.

Investors are currently panicking about Bitcoin. The Bitcoin Fear and Greed Index is 34 — Fear

Analyst Will Clemente, who has 635.8K followers on Twitter, stated that:

“So Tesla has already sold off their inventory, appears to have mainly done so to maintain positive cash flow (non bitcoin-centric reasons), and still has 25% of their BTC.”

Prices are now trading around $23,000 and testing the 100 hourly simple moving average. The pair will likely continue rising if the $23,750 and $24,000 levels are breached.

Currently, the support level is near $23,200. Bitcoin price may face resistance near $23,750. The following key resistance is near $24,000.

A close above the $24,000 resistance could set the stage for further gains. If there is a steady break above the $24,000 mark, the price could rise towards the $24,500 level. The next major resistance is near $25,000.

Image source: Shutterstock

Credit: Source link






Galoy Launches BTC-Backed Synthetic USD, Hedging Volatility Surprises in Bitcoin

On Wednesday, Galoy, a California-based payment solutions platform that offers lightning as a retail payment system, announced the launch of Stablesats, a Bitcoin-backed...

Cash App Introduces Bitcoin Transactions via Lightning Network

Payment processing app created by Block Inc, Cash App, has now added support for Bitcoin transactions enabling users to both send and receive...

20 Different Types Of Belts: When To Wear Them and How To Style Them in 2022

Belts don’t just stop your pants from falling to your ankles. They’re also an essential accessory that can add some welcomed personality to...

Apple to sell Vision Pro AR headset for triple Meta’s top-line price

By Reuters Published Jun 6, 2023 Apple on Monday unveiled a costly augmented-reality headset called the Vision Pro in its riskiest bet since the introduction of the...

Johnny Depp Seen In Court Wearing Daughter’s Bracelete

The Johnny Depp and Amber Heard trial has been one of the most popular headlines in news...
en English