09.02.202211:19 Forex Analysis & Reviews: Technical Analysis of BTC/USD for February 9, 2022

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Crypto Industry News:

According to official data, Elon Musk's electric vehicle company, Tesla, owned around $2B in Bitcoin at the end of 2021. The "fair value" of BTC held by Tesla as of December 31, 2021 was $1.99B, the company said on Friday in its annual filing with the US Securities and Exchange Commission.

The document states that Tesla sold part of its shares in BTC in March 2021, achieving profits of $128M. The company previously announced a historic $1.5B BTC purchase in February:

"Reported earnings are net of restructuring and other impairment losses in the Consolidated Management Report. As at December 31, 2021, the carrying amount of our digital assets held was $1.26 billion, reflecting a total impairment of 101 million USD "- we read in the application.

As previously reported, Tesla sold part of its stake in BTC in the first quarter of 2021, generating net revenues of $272M. Even though Tesla gave up handling Bitcoin payments due to environmental concerns in May 2021, the company continued to hold BTC.

According to data from Bitcoin Treasuries, Tesla currently has around 43,200 BTC, making the company the second largest identified Bitcoin investor after Michael Saylor's MicroStrategy, with a total of 125,000 BTC as of January 31.

Technical Market Outlook

The BTC/USD pair has made a new swing high at the level of $45,535, but the rally was capped after the Bearish Engulfing pattern occurred. Currently, the market is pulling-back from the highs, but the next target for bulls is seen at the level of $46,673 (38% Fibonacci retracement level).The bulls are in control of the market on the lower time frames as the momentum is strong and positive on the daily time frame chart as well, so the market is bouncing from the extremely oversold conditions. The nearest technical support is seen at $44,397 and $43,484.

Weekly Pivot Points:

WR3 - $50,386

WR2 - $46,257

WR1 - $44,577

Weekly Pivot - $40,396

WS1 - $38,765

WS2 - $34,482

WS3 - $32,499

Trading Outlook:

The market is bouncing after over the 80% retracement made since the ATH at the level of $68,998 was made. The level of $44,442 is the next key technical resistance for bulls, but the game changing technical supply zone is seen between the levels of $52,033 - $52,899. When this zone is clearly broken, the BTC is back to the up trend.

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