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Crypto Industry News:
According to a media report, SpaceX, a reputable aerospace technology company, reportedly reported a $373 million worth of Bitcoin holdings in 2021 and 2022. The report suggests that the entity may have sold its entire Bitcoin stockpile. However, this remains unconfirmed information.
Journalists, after reviewing the company's financial documents, reported that SpaceX's expenses amounted to about 5.2 billion dollars in 2022. Additionally, the company spent $5.4 billion in 2021 and 2022 on real estate, equipment, and research and development.
SpaceX CEO Elon Musk publicly announced in 2021 that the company had acquired a certain amount of Bitcoin. The announcement comes after an SEC filing revealed that Tesla had plans to buy $1.5 billion worth of cryptocurrencies. This move likely played a role in Bitcoin reaching a then-record price of over $43,000.
Tesla's earnings report for the second quarter of 2023 indicated that the company had sold all of its Bitcoin holdings (except $184 million). More specifically, Tesla liquidated over 30,000 BTC in the second quarter of 2022, which is approximately $936 million. This is approximately 75% of her initial $1.5 billion Bitcoin investment.
Technical Market Outlook:
The BTC/USD pair has been under pressure all weekend long and no recover rally had been made yet. The bulls keep trying to bounce from the lows and trigger a bigger correction, but the current local bounce high was made at the level of $26,743. The level of $25,560 will now act as the technical support, but the key technical support is seen at the level of $24,753. Please notice, the current market conditions are extremely oversold on H4 and Daily time frame chart, so the bulls are free to bounce even towards the technical resistance located at $28,446.
Weekly Pivot Points:
WR3 - $26,439
WR2 - $26,243
WR1 - $26,125
Weekly Pivot - $26,047
WS1 - $25,929
WS2 - $25,851
WS3 - $25,655
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
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