- Tesla has not modified its Bitcoin holdings during the previous several quarters.
- The Bitcoin price has been stabilizing above the $28,000 mark.
Elon Musk’s Tesla maintained its Bitcoin holdings, according to the company’s quarterly financial report posted yesterday. At the present pricing, Tesla’s 9,720 Bitcoins are worth more than $275 million. Tesla has not modified its Bitcoin holdings during the previous several quarters.
Investors have been on edge as they try to predict the future direction of the Bitcoin price due to recent macro events and the present price swings. A total of $250 million worth of BTC was removed from exchanges on October 16, and another $200 million was removed on October 17, according to statistics from Glassnode.
Notably, several of these large withdrawals had a clear connection to the cryptocurrency exchange Binance. In addition, between October 14 and October 17, over 16,000 BTCs were removed from exchange wallets.
Breakout Likely
The Bitcoin price has been stabilizing above the $28,000 mark post experiencing volatility after the fake report of spot Bitcoin ETF approval. At the time of writing, BTC is trading at $28,493, up 0.33% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 25.85%. Post the recent price swings, BTC price has been consolidating for a while now, looking for a breakout.
A clear move above $28,720 will likely move the price towards the $29,400 mark. Breaching this level will likely drive the price to test the $30,600 resistance area. On the other hand, if the price breaks below the $27,690 support level, then it will likely test the $27,000 level. Further decline will result in price testing $26,650 support level.
