Bitcoin ETF

Bitcoin

<ul>
 <li><strong>Tesla has not modified its Bitcoin holdings during the previous several quarters.</strong></li>
 <li><strong>The Bitcoin price has been stabilizing above the $28,000 mark.</strong></li>
</ul>
<p>Elon Musk’s Tesla maintained its <a href="https://thenewscrypto.com/bitcoin-price-stabilizes-post-brief-retracement-eyes-breakout/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> 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.</p>
<p>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.</p>
<p>Notably, several of these large withdrawals had a clear connection to the cryptocurrency exchange <a href="https://thenewscrypto.com/binance-us-no-longer-allows-usd-withdrawal-for-users/" target="_blank" rel="noopener noreferrer nofollow">Binance</a>. In addition, between October 14 and October 17, over 16,000 BTCs were removed from exchange wallets.</p>
<h3 class="wp-block-heading" id="h-breakout-likely">Breakout Likely</h3>
<p>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.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="660" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/10/BTC_7D_graph_coinmarketcap-2-1.png" alt="" class="wp-image-84175" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/BTC_7D_graph_coinmarketcap-2-1.png 660w, https://thenewscrypto.com/wp-content/uploads/2023/10/BTC_7D_graph_coinmarketcap-2-1-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/BTC_7D_graph_coinmarketcap-2-1-150x81.png 150w" sizes="(max-width: 660px) 100vw, 660px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div>
<p>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.</p>

Investors Await Breakout as Bitcoin Price Consolidates

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