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Friday, August 12, 2022

Bitcoin Prices Have Dipped Below $23K Again After Tesla Reports

Recently some news has revealed that Tesla has sold 75% of BTCs, and thus the prices of BTC have again fallen under $23K.

Bitcoin has recently started going over its 200-WMA average after its bearish market growth for it in the last months. The story on 20th July was the success story of BTC as it finally climbed over the $24300 mark. However, it only lasted a day and has hit the red $23k mark again as Q2 earning news revealed that Tesla had sold 75% of their holding of the cryptocurrency.

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A potential source has revealed that the electric vehicle company has sold 75% of their holding of Bitcoin and added a total of $963million in cash in their accounts. And thus, just after the news, the prices of the currency went downhill again and stabilized at around $23500.

Bullish Bitcoin Estimates By Traders May Have Been Immature 

The unexpected pullback today has also proved that some traders wrong who were claiming that Bitcoin is now going to get out of its 200WMA for five weeks and will finally show a bullish nature in the market after its $24k mark hit on 20th July. Apparently, those predictions were immature, and Bitcoin is not ready to call for the end of the bear market.

However, some altcoins have seen the green zone recently in the days of the misery of BTCs. The Ethereum L2 solution has seen a gain of 11.5% decrease in its prices, but there still is a flip side of the coin where altcoins like STEEM and REEF have recorded 6027 and 3.15% gains, respectively. These currencies are still holding to their positive gains in the top 100 list of tokens of the same.

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The dominance rate of BTC in the overall market is now only 42.7% in a market cap of $1.035trillion.

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