Amid the ongoing price correction across the cryptocurrency market, Elon Musk’s Tesla has just transferred a large amount of Bitcoin (BTC) to an unknown wallet. On October 16, 2024, on-chain intelligence firm Arkham posted on X (formerly Twitter) that the electric car giant Tesla had just transferred 11,500 BTC worth $760 million.

Is Tesla selling its BTC holdings?

This significant BTC transfer has raised concerns about whether Tesla is selling its BTC holdings or what they plan to do next. However, this is the first time Tesla has moved its BTC holdings in nearly two years. According to data, Tesla is the fourth largest BTC holder after MicroStrategy, mining company Marathon Digital, and Riot Platform.

Tesla did not comment following this major BTC transaction, but despite this major BTC transfer, the asset price remained stable, with no major changes in exchanges or large-scale selling.

BTC Current Price Momentum

At press time, BTC is trading near $66,880, with a slight price increase of more than 1.35% over the past 24 hours. Its trading volume has grown by 20% over the same period, indicating increased participation from traders and investors.

Bitcoin technical analysis, will the price fall?

According to expert technical analysis, BTC is currently facing strong resistance at the upper border of the descending channel pattern. This is the sixth time that the world’s largest cryptocurrency has reached this level since March 2024.

Source: Trading View

Historical data shows that whenever BTC reaches this level, it encounters significant selling pressure and the price drops by more than 20%.

However, as the U.S. presidential election approaches, the mood this time is very different. Data shows that over the past two elections, cryptocurrency markets experienced significant rallies in the October leading up to the elections.

Bearish on-chain indicators for BTC

In addition, on-chain analysis company Coinglass said that market sentiment among traders has been weak in the past four hours. According to data, BTC’s long/short ratio is currently 0.89, reflecting bearish sentiment.

Currently, 52.7% of the top traders hold short positions, while 47.3% of the top traders hold long positions.