BTC Price Beats 200-Week Moving Average After Tesla Bitcoin Sells $930 Million
A key trendline that Bitcoin price broke above for the first time in over a month is currently seeing its first retest as support.
Market Update
Bitcoin (BTC) staged its first critical support test on July 21, as news that Tesla had liquidated most of its Bitcoin holdings faded.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD is concentrating on the $22,800 area after falling from a multi-week high of $24,280 on Bitstamp.
The pair had reacted quickly but relatively modestly to Tesla's revelation that its Bitcoin position had been reduced by 75%, or $936 million, in the second quarter.
Comments from CEO Elon Musk, who avoided direct criticism of the biggest cryptocurrency, appeared to help stem the losses. During the company's earnings call, he stressed that the selloff "should not be taken as a verdict on Bitcoin."
The move nonetheless ended several days of runaway bullishness, with BTC/USD advancing in line with stocks as US dollar strength fell from 20-year highs.
$22,800 marks the pair's 200-week moving average, a historically significant trendline lost as support in June and broken only in recent days.
Interesting times here for $btc, reverse resistance and 200 wma (blue line)
We are currently testing it as a support that needs to hold to keep rising...
A key trendline that Bitcoin price broke above for the first time in over a month is currently seeing its first retest as support.
Market Update
Bitcoin (BTC) staged its first critical support test on July 21, as news that Tesla had liquidated most of its Bitcoin holdings faded.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD is concentrating on the $22,800 area after falling from a multi-week high of $24,280 on Bitstamp.
The pair had reacted quickly but relatively modestly to Tesla's revelation that its Bitcoin position had been reduced by 75%, or $936 million, in the second quarter.
Comments from CEO Elon Musk, who avoided direct criticism of the biggest cryptocurrency, appeared to help stem the losses. During the company's earnings call, he stressed that the selloff "should not be taken as a verdict on Bitcoin."
The move nonetheless ended several days of runaway bullishness, with BTC/USD advancing in line with stocks as US dollar strength fell from 20-year highs.
$22,800 marks the pair's 200-week moving average, a historically significant trendline lost as support in June and broken only in recent days.
Interesting times here for $btc, reverse resistance and 200 wma (blue line)
We are currently testing it as a support that needs to hold to keep rising...
What's Your Reaction?
