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Crypto Industry News:
On Wednesday, the electric vehicle maker Tesla revealed in its report that it sold 75% of its Bitcoin holdings in the second quarter of this year, adding $ 936 million to its balance sheet.
During a conference call with investors, Tesla CEO Elon Musk said the sale "should not be considered a Bitcoin verdict," explaining that the move was due to liquidity concerns given the continued COVID-19 lockdown in China.
"The reason we sold some of our Bitcoins was because we weren't sure when they would ease the Covid blockades in China. Therefore, it was important to us to maximize our cash position [...] We are certainly open to increasing our Bitcoin holdings in the future. "
Asked by investors if he considered Bitcoin a long-term investment, Musk said cryptocurrencies were a "side topic" and Tesla's primary goal was to "accelerate the arrival of stable energy."
"Cryptocurrencies aren't something we often think about," he said.
Crypto industry experts are largely unmoved by Tesla's decision to sell 75% of its BTC holdings, saying it is a fairly typical strategy for companies to improve cash flow during an economic downturn.
Technical Market Outlook:
The BTC/USD pair rally had been capped at the level of $24,264 after the bulls hit the upper channel line and another Pin Bar candlestick pattern was made, which indicate the bearish pressure increase and the odds for a breakout are smaller. The level of $21,867 will now act as a technical support for bulls, however, in a case of further bounce extension, the next target is seen at the level of $25,367, which is the game changing level, but for a valid breakout, the daily candle must close above this level.The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key technical levels.
Weekly Pivot Points:
WR3 - $23,780
WR2 - $22,629
WR1 - $22,245
Weekly Pivot - $21,487
WS1 - $21,094
WS2 - $20,326
WS3 - $19,175
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367.
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