Bitcoin

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/spacex-tesla-liquidate-their-btc-bitcoin-price-crashed-to-25000-whats-next/">SpaceX &amp; Tesla Liquidate Their BTC; Bitcoin Price Crashed to $25,000-What’s Next?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>Bitcoin price is plunging! Cryptospace is experiencing acute bearish pressure! What caused the downfall?The <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">BTC price</a> flashed the possibility of a bearish reversal as it maintained a consolidated trend for over a week. The volatility had dropped to ground level, marking a 7-month low, indicating the markets could remain confined within a narrow range. Beyond this, many speculated that this would be the final nail in the coffin, beyond which a massive price rise could follow. However, the recent price crash has delayed the possibility of a bullish reversal, and the reason now is again Mr Elon Musk.Ever since Musk showed his leniency toward Dogecoin, the entire crypto space has been impacted to a large extent. As per some reports, Tesla and SpaceX, owned by Elon Musk, have liquidated Bitcoins they held for over a couple of years. Tesla was one of the institutions holding a huge amount of Bitcoin worth over 30,000, which has reportedly been sold.<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet">SpaceX sold $373 million worth of bitcoin it held on its balance sheet in 2021 and 2022, according to the WSJ. Tesla liquidated more than 30,000 bitcoins worth $936 million in the second quarter of 2022, roughly 75% of its original $1.5 billion bitcoin holdings.…— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1692348642835988705?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 18, 2023</a></blockquote></div></figure>So what’s next for the Bitcoin price?The bitcoin price marked lows around $25,100 before the previous day’s close, indicating the bears held acute strength. After accumulating enough strength, the bears may continue to maintain a huge dominance over the rally, keeping the price restricted below the interim resistance. Moreover, the price has reversed the bullish pattern, which may keep the rally consolidated for a while.&nbsp;<figure class="wp-block-image"><img src="https://lh6.googleusercontent.com/mt_xv0DjykSygFZFFTC4F-W72HMFYV4GSrXHOhELv4EiQHS7DynKkfIjgnkMhWPxNN5ZvVHWIx6oBEOM-B6kcC_iP_DAWv8XwakvznIzAm_-NSit1titqcQg_L-bhk9yDfptjHY12CeU63JLP49VFIk" alt=""></figure>As mentioned above, the BTC price broke down from a bullish falling wedge and almost reached the lower support, which appears to be crucial at the moment. Although the price rebounded from these lows, close to $25,000, the bearish momentum continues to prevail. Moreover, the price began the present-day trade on a bearish note while the RSI hovered within oversold levels, which could fuel the descending trend.&nbsp;Collectively, Bitcoin doesn’t appear to be in a good state, as it has kept market participants bewildered about the next price action. Until the traders do not see the current crash as a great buying opportunity, fewer possibilities of a trend reversal could be expected. Now that the resistance levels have lowered from $31,500 to $30,000 and $29,500, the resurgence of a fresh bearish wave may be expected.&nbsp;

SpaceX & Tesla Liquidate Their BTC; Bitcoin Price Crashed to $25,000-What’s Next?

CoinPedia News

Other articles published on Aug 18, 2023

OKX Wallet Integrates opBNB, Unleashing Layer-2 Scaling Potential on BNB Chain

Daily Analysis: Market Is Fighting as OG Thrives

SpaceX sold $373M worth of Bitcoin acquired in 2021-2022

SEC Poised to Greenlight Futures ETF Approvals

Crypto Trader Prints 7 Figures With XRP Arbitrage On Bybit

Banksters Turns Its Players Into Crypto Traders

Join our free newsletter for daily crypto updates!