Warning Is Tesla owned by Elon Musk selling 760 million worth of Bitcoin
Elon Musk’s Tesla recently made a significant transfer of Bitcoin (BTC) to an unknown wallet amidst the ongoing price correction in the cryptocurrency market. On October 16, 2024, Arkham, an on-chain intelligence firm, posted on X (formerly Twitter) that Tesla had moved 11,500 BTC valued at $760 million.
This transfer has raised concerns regarding whether Tesla is selling its BTC holdings or what its plans are for the cryptocurrency. Interestingly, this is the first time in the past two years that Tesla has moved its BTC holdings. Based on available data, Tesla is currently the fourth-largest holder of BTC, trailing behind MicroStrategy, mining firm Marathon Digital, and Riot Platform.
Despite this significant BTC transaction, Tesla has not made any public comments. However, the asset prices have remained stable, and there have been no major changes or dumping from prominent whales on the exchanges.
At present, BTC is trading around $66,880, with a modest price surge of over 1.35% in the past 24 hours. The trading volume has also increased by 20%, indicating greater participation from traders and investors.
From a technical analysis perspective, BTC is currently facing strong resistance at the upper boundary of a descending channel pattern. This is the sixth time since March 2024 that the world’s largest cryptocurrency has reached this level. Historical data suggests that whenever BTC reaches this level, it experiences significant selling pressure and a price decline of over 20%.
However, the current sentiment is different as the United States presidential election approaches. Data reveals that in the last two elections, the crypto market witnessed a considerable rally in October prior to the elections.
On-chain analytics firm Coinglass also indicates weak market sentiment among traders over the past four hours. The data shows that BTC’s long/short ratio is currently at 0.89, reflecting a bearish sentiment. Currently, 52.7% of top traders hold short positions, while 47.3% hold long positions.
Tags: Bitcoin, Crypto news, Price Analysis