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Did Bitcoin (BTC) Bottom After Selling Tesla Apex Cryptocurrency?

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bitcoin as well as Ethereum traded unchanged, but Dogecoin rebounded as the global cryptocurrency market cap fell 0.9% to $1 trillion at press time.







Price dynamics of major coins
Coin 24 hours 7 days Price
bitcoin Bitcoin/US dollar 0.07% fifteen% $23,314.57
Ethereum Ether/US dollar -0.12% 37.4% $1529.80
Dogecoin DOGE/US dollar 2.6% 13.5% $0.07







Growth leaders in 24 hours (CoinMarketCap data)
Cryptocurrency % change in 24 hours (+/-) Price
Lido DAO (I DO) +5.75% $1.59
Monero (XMR) +2.9% $151.44
Dogecoin (DOZH) +2.6% $0.07

See also: Best Crypto Debit Cards

Why is it important: The two major coins showed weakness on Wednesday night, along with stocks that closed higher intraday but lost momentum after hours.

S&P 500 and Nasdaq futures were down 0.3% each at the time of publication as investors digested a plethora of gains. The S&P 500 closed up 0.6% on the day, while the high-tech Nasdaq jumped 1.6%.

Macro headwinds continue to blow against Bitcoin, but “peak pessimism” is close to being accounted for, said a senior market analyst at OANDA. Edward Moya.

“Risks remain elevated but bitcoin is now at $24,000 and selling pressure seems to be winding down for now,” Moya said Tuesday in a note seen by Benzinga.

On the income statementElon Muskautomaker Tesla Inc TSLA said he sold 75% of his bitcoin assets and received $963 million from the sale. Last year, he purchased a $1.5 billion Apex coin.

Michael van de Poppe tweeted that Tesla’s sale was one of the reasons for the recent Bitcoin crash. He said that this is also “why we are close to the bottom.”

In a separate tweet, the crypto trader noted that without bitcoin earnings, Tesla’s cash flow is “likely to be negative.”

fellow trader Justin Bennett warned investors that the markets looked “a little overwhelmed”. He said, “Maybe there is a cluster of late longs here. Be careful.”

Chartist Ali Martinez said that Tom DeMark’s (TD) Sequential tool, which can help pinpoint the exact time of trend exhaustion and price reversal, indicates a bitcoin “sell signal” on its four-hour chart.

“A sustained close of the 4-hour candle below $23,600 could trigger a correction for [BTC] up to $22,500 or even $21,670.”

Meanwhile, profit-taking in Ethereum has been more robust than in Bitcoin, as the two assets recently diverged. Ethereum has seen far more signs of profit taking. The ratio between transactions in P&L paints two very different pictures for assets with a maximum market capitalization of [cryptocurrencies],” wrote Santiment, a market intelligence platform.

Read more: Michael Saylor comments on Tesla’s bitcoin sale: How much did Tesla really sell?


#Bitcoin #BTC #Bottom #Selling #Tesla #Apex #Cryptocurrency

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