Is Bitcoin (BTC) Bottom Closed After Tesla’s Apex Crypto Sale?

Bitcoin and Ethereum sold flat but Dogecoin rose as the global cryptocurrency market cap fell 0.9% to $1 trillion at press time.

Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin BTC/USD 0.07% 15% $23,314.57
Ethereum ETH/USD -0.12% 37.4% $1,529.80
Dogecoin DOGE/USD 2.6% 13.5% $0.07
Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
Lido CAD (YES) +5.75% $1.59
Monero (XMR) +2.9% $151.44
Dogecoin (DOGE) +2.6% $0.07

See also: Best Crypto Debit Cards

Why is this important: Both major coins showed weakness on Wednesday evening, along with stocks, which closed higher intraday but lost strength in the after-hours session.

S&P 500 and Nasdaq futures were down 0.3% each at press time as investors digested a bevy of profits. For the day, the S&P 500 closed up 0.6%, while the tech-heavy Nasdaq jumped 1.6%.

Macro headwinds continue to blow against Bitcoin, but ‘peak pessimism’ is about to be priced in, says OANDA’s senior market analyst Edward Moya.

“Risks remain high but now Bitcoin is at the $24,000 level and selling pressure seems to be throwing in the towel for now,” Moya said in a note Tuesday, seen by Benzinga.

In an earnings releaseElon MuskCar manufacturer Tesla Inc. TSLA said he sold 75% of his bitcoin holdings and made $963 million from the sale. Last year, it bought $1.5 billion of the apex coin.

Michael van de Poppe said on Twitter that selling Tesla was one of the contributors to Bitcoin’s recent crash. He said it’s also “the reason why we’re close to the bottom”.

In a separate tweet, the cryptocurrency trader noted that without Bitcoin revenue, Tesla’s cash flow was “likely going to be negative.”

Trader Companion Justin Bennett warned investors that the markets looked “a bit too heavy”. He said, “Maybe a wave of late desires here. Be careful.”

Chartists Ali Martinez said that the Tom Demark (TD) Sequential, a tool that can help discover the exact time of trend exhaustion and price reversal, is indicating a “sell signal” on Bitcoin on its chart of four hours.

“A sustained four-hour candlestick near $23,600 may trigger a correction for [BTC] at $22,500 or even $21,670.

Meanwhile, profit booking has been more robust in Ethereum than in Bitcoin, as the two assets have recently diverged. Ethereum has seen many more signs of profit taking. The ratio between profit and loss trades paints two very different pictures for the highest market capitalization assets in [cryptocurrencies]tweeted Santiment, a market intelligence platform.

Read more : Michael Saylor Comments on Tesla’s Bitcoin Sale: How Much Did Tesla Really Sell?

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