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Tesla sold part of its Bitcoins in the first quarter of this year

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  • Telsa sold $ 272 million worth of Bitcoin
  • Elon Musk believes that using Bitcoin is an excellent idea for storing cash not used daily

Tesla has tested the stability of Bitcoin by selling a part of its units in the first quarter of this year. This liquidity test was carried out at the end of March, being a total success for the automotive company. Although the digital asset market panicked at this action, it was lent to expand institutional investments.

Tesla tests liquidity of BTC.

When Tesla opened its balance sheet to Bitcoins at the beginning of the year, this gave the market the biggest rise in history. The company achieved that the digital asset rose 30% just by checking the news. In less than 24 hours, Bitcoin had earned $ 8,871, which increased its investment interest.

Although earnings were significant, the company reported that asset adjustments were made in the first quarter. In the earnings report, Tesla reveals that it sold $ 272 million of its Bitcoin shares. This liquidation has generated panic among investors in the crypto market.

Faced with such action, Elon Musk, CEO of the company, responded to all those concerns that fans of the asset had. When investor Dave Portnoy questioned the company’s move and accused it of boosting the asset and then forgetting it, Musk responded:

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“I have not sold my Bitcoins. The company sold 10% of its credits as proof to show its liquidity and use Bitcoins as an option.”

The automotive company confirms that BTC is trustworthy

Tesla

With this test, Tesla demonstrated that investors could enter and exit the market without risk. The asset can safely keep the money of the companies without presenting losses.

If Bitcoin declined in value after the Tesla action, this would indicate that the market is not trustworthy. Now that the investments of these companies are backed with the asset, a massive institutional investment is expected. Many companies will consider investing in BTC because their cash positions will be stable.

Bitcoin: a liquid solution for passive income

Investments with Bitcoin give liquid solutions for companies to have passive profits. Without a slide in prices, the investor does not risk losing money for each transaction made in the market. As there are enough movements with the asset, this gives it stability, so it does not affect its value for 272 million dollars in sales.

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Tesla has revealed these limitations in Bitcoin and, based on it, has obtained many benefits. With Bitcoin on the rise and Tesla tests, the market will have a greater demand from investors. For the next few days, the asset can increase in value, which is great for joint ventures.

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BTC Price Analysis: Bearish Divergence Signal On the Weekly May Cool off Intraday Longs

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The long-awaited Bitcoin BTC ETF-Exchange Traded Fund is now approved by the US SEC, and it’s viewed as a positive development for the entire cryptocurrency market. Analysts suggest that the crypto market could see capital flowing in, with speculations around investors moving out of Gold ETFs into Bitcoin.

Let’s analyze the BTCUSDT charts for insights into the recent price action.

Bitcoin (BTC) Weekly Chart Analysis

The Bitcoin price is back on the headlines of many digital media outlets as many analysts speculate on a price surge beyond the 2021 ATH. However, while the price is pumping real hard at press time, we also want to bring your attention to bearish reversal chart patterns that could lead to temporary retraction of the recent upswing.

A prominent bearish correction signal is an impending regular bearish divergence signal on the weekly chart above, where the RSI forms a lower peak [82] compared to the price chart setting a higher peak.

We anticipate a cool off of the BTC price if the RSI value stays below level-87 in the coming week.

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Bitcoin (BTC) Daily Chart Analysis

A view from the daily time frame shows the start of a bullish campaign on 01 October ’21 after the RSI crossed above level-75 and has not dropped below level-25 ever since. 

The Bitcoin BTC price continues to set new highs and is recently shy of the all-time high at $64854.00, as the relative strength index forms a lower peak [79] signaling a likely price pull-back to come.

We expect the upward price momentum to persist till the end of the current week, given that the RSI continues to trade above level-25.

While we are optimistic of a spike in demand for the BTC, we also suggest putting some funds on the sideline for a possible price dip which can be viewed with the RSI slumping below level-25 on the daily time frame.

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Bitcoin (BTC) 4 Hr Chart Analysis

The 12 October 20:00 support [$53879] confirmed the price correction on the daily time frame setting the BTC price back into a series of higher peaks and troughs.

A recent hidden bullish divergence at press time marks an end to the 3.8% correction from this week’s high.

However, a price breakdown below the hidden bullish divergence trend line would spark a rapid sell-off of the BTC price into lower price zones, perhaps around the $58k mark.

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Bitcoin Price Analysis: BTC still holds above $60,000, slowly targets $65,000 next week?

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  • Bitcoin price analysis is bullish today.
  • BTC/USD consolidates above $60,000.
  • Next significant resistance at $65,000.

Bitcoin price analysis is bullish today as consolidation was formed above $60,000 after a slight retracement yesterday from $62,000. Therefore, we expect BTC/USD to rally again over the next 24 hours and target the $65,000 next week.

Bitcoin Price Analysis: BTC still holds above $60,000, slowly targets $65,000 next week? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the red over the last 24 hours. The market leader, Bitcoin, lost 0.03 percent, while Ethereum was down 1.54 percent. Meanwhile, Fantom (FTM) is the best performer, with a gain of over 12 percent.

Bitcoin price movement in the last 24 hours: Bitcoin retests $60,000 as support

BTC/USD traded in a range of $60,206.12 – $61,413.82, indicating low volatility over the last 24 hours. Trading volume has declined by 34 percent and totals $28.97 billion,  while the total market cap trades around $1.145 billion, resulting in the market dominance of 46.29 percent.

BTC/USD 4-hour chart: BTC prepares for another rally?

On the 4-hour chart, we can see Bitcoin price action forming consolidation above $60,000, likely leading to another push higher next week.

Bitcoin Price Analysis: BTC still holds above $60,000, targets $65,000 next week?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen strong bullish momentum so far in October. After forming a strong swing low of around $41,000 at the end of September, a push higher was seen on the 1st of October.

BTC/USD reached previous resistance at $48,500 on 2nd of October, while second push higher took BTC to $56,000 on 7th of October. After another several-day consolidation, the third push higher began Wednesday, leading BTC above the $60,000 major price target.

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Eventually, the Bitcoin price action briefly spiked above $62,000 on Friday, resulting in a slow retracement since. Over the last 24 hours, a consolidation above $60,000 has been established, indicating that we will likely see another move higher from there.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as a new local higher low was set over the last 24 hours after a slight retracement yesterday. As long as the $60,000 support holds, we expect BTC/USD to continue moving higher next week.

While waiting for Bitcoin to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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Bitcoin Bull Tone Vays Says Pullback Coming – Here’s His New Crypto Outlook

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Veteran crypto trader Tone Vays says despite Bitcoin rising very quickly with its daily and weekly charts, a pullback is imminent.

In a recent live stream during the rumored approval announcement of a Bitcoin (BTC) exchange-traded fund (ETF), Vays expects BTC to reach a high of around $62,000 by the 19th of October.ADVERTISEMENT

“We are right on track for what I anticipated in the daily outlook where we top out at approximately $62,000 a the end of this week or early next week. October 19th is where I was looking for that top. So we got about three or four days to go. Especially if we keep going up and up and up.”

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In terms of taking profit before any potential pullback – Vays says it depends on whether Bitcoin hits certain targets, noting how it has gone up almost 50% in a matter of weeks.

“It probably is a decent time to take your profit for a pullback because it would have gone up way too far way too quickly. Three weeks ago the price was half of what it is today… we are rising fairly quickly and there will be a pullback… but right now the weekly chart is fully bullish and you still have room.”

Vays says with such a fast rise, there is a higher probability for a fall – predicting a pullback to around $53,000 or $54,000, remaining hopeful with his end-of-year target.

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“Bitcoin is looking great I’m still thinking mid-60s for a double top with April, a pullback to maybe mid-50s, and then I still got a shot at being right about that $100,000 at the end of the year. I’m still optimistic.”

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