Bitcoin Is in a Tight Vary as It Challenges the $19.3K Resistance – October 21, 2022

The most important cryptocurrency has been restrained under the 21-day line SMA because it challenges the $19.3K resistance. BTC/USD worth is buying and selling marginally between the 21-day line SMA and the $19,000 help. The problem of a worth rebound or breakout is imminent.

Bitcoin Value Statistics Knowledge:
•Bitcoin worth now – $19,149.60
•Bitcoin market cap – $367,399,212,022
•Bitcoin circulating provide – 19,186,062.00 BTC
•Bitcoin whole provide – $402,264,264,910
•Bitcoin Coinmarketcap rating – # 1

Resistance Ranges: $50,000, $55, 000, $60,000
Help Ranges: $25,000, $20,000, $15,000

Since October 10, the worth motion has been insignificant as Bitcoin trades between $18,900 and $19,900 worth ranges. Throughout this week, Bitcoin declined sharply to the low of $18,161 on October 13. Nonetheless, the crypto pulled again instantly to the range-bound zone. Equally, the crypto rallied above the transferring common traces however confronted fast promoting stress as Bitcoin declined to the range-bound zone. Within the meantime, BTC/USD is buying and selling marginally inside the confined vary. On the upside, a worth rebound will catapult Bitcoin above the transferring common traces. The bullish momentum will prolong to the excessive of $22,000. A significant breakdown is just not anticipated in October as Bitcoin trades higher in the identical interval of the yr.

Tesla holds $218M in Bitcoin After the Promote-off

Tesla CEO Elon Musk, the Electrical automobile producer has retained Bitcoin standing within the third quarter of 2022, after a $1 billion sell-off within the second quarter. Elon Musk indicated that the sell-off was because of liquidity constraints from the COVID-19 lockdowns in China. The sell-off affected the corporate’s $1.5 billion place in Bitcoin, which has been disclosed in February 2021. Elon Musk was one of many largest company holders of Bitcoin earlier than the sell-off. Nonetheless, the corporate’s Q3 report confirmed that $218 million value of “digital belongings” has been mirrored on its steadiness sheet. In different phrases, Tesla holds round 9,720 BTC. Within the Q2 earnings report, Tesla stated it bought 75% of its Bitcoin in the course of the second quarter. This leads to $936 million in money to its books and a $64 million revenue from the sale.

In the meantime, Bitcoin is declining after reaching the excessive of $19,245 because it challenges the $19.3K resistance. The worth motion has been in a decent vary. On October 19 downtrend, BTC worth made an upward correction and a candle physique examined the 61.8% Fibonacci retracement degree. The corrections suggest that BTC will fall to degree 1.618 Fibonacci extension or $18,410 worth degree.

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