Tesla has moved most of its Bitcoin to unknown wallets and Bitcoin (BTC) has broken $68,000 and hit an intraday high of $68,261. This could be due to increased investor confidence and good news. Bitcoin ETFs have seen their largest inflow in over 4 months, $556 million. Institutional interest in crypto is still there.
Vice President Kamala Harris did not mention cryptocurrencies in her recent speech but discussions about regulation are helping the market.
Bitcoin's outlook is very good and could go higher as we get closer to the end of the year and more people get involved in digital assets.
Tesla's Bitcoin Move Sparks Speculation and Potential Market Volatility
Tesla has moved 11,509 BTC worth $770 million to multiple unknown wallets, the first major Bitcoin move since early 2022 when the company sold a large amount of its holdings.
This has led to speculation that Tesla may sell the remaining Bitcoin in its next earnings report on October 23, 2024.
Investors are closely watching Tesla's Bitcoin plans as the company has a history of using asset liquidations to shore up its balance sheet.
If Tesla sells Bitcoin, it will create market volatility, just like it did when it was sold. Some say it is just a hedge, others say it is a sign of an impending sale.
With companies like MicroStrategy still increasing their Bitcoin holdings, Tesla’s move will have a major impact on market sentiment and Bitcoin’s overall stability.
Tesla selling its Bitcoin would indeed create market volatility and potentially drive down the price of BTC. If other institutions follow Tesla’s lead, it would only worsen investor sentiment and create more uncertainty in the crypto market.
Bitcoin ETF Inflows Drive Price Up as Ethereum ETF Struggles
Bitcoin prices surged as US Bitcoin ETFs saw their best 3 days since June. Investor sentiment is improving and a lot of money has been flowing in over the past few days. Since Friday, inflows have been $1.18 billion with major contributions from funds like Fidelity's FBTC, Bitwise's BITB and BlackRock's IBIT.
US Bitcoin ETFs now have around $60 billion in assets under management and Bitcoin has surged from below $59,000 to $67,000.
Meanwhile, Ethereum ETFs have struggled since their launch in late July. They have seen large outflows, especially from the Grayscale fund, which has seen several days of no trading activity.
There was a brief inflow at the beginning of the week but then outflows. This shows continued demand for Bitcoin ETFs and Ethereum ETFs are still struggling to attract investor interest.
The inflow of money into Bitcoin ETFs has pushed BTC up from below $59,000 to $67,000. This demand is a sign of growing investor confidence and makes Bitcoin stronger and more investable.
Bitcoin Tests Key Resistance as Bulls Push Price Higher
Price is at $67,655 and still in an ascending channel on the 4-hour. Price is testing immediate resistance at $68,060. If it breaks above that level, price could rise to $69,000 and $69,980. But RSI is at 72.92, so price is overbought and could fall or consolidate.
On the downside, key support levels to watch are $66,105, $65,220, and $64,550. The 50-EMA is at $64,550. As long as the price remains above that level, the trend remains strong. In the short term, if it remains overbought, the price could revisit the $66,910 pivot level before moving higher.
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