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Bitcoin, Ethereum Technical Analysis: BTC Falls, as Tesla Sells 75% of Its Holdings

News Feed - 2022-07-21 09:07:50

Bitcoin, Ethereum Technical Analysis: BTC Falls, as Tesla Sells 75% of Its Holdings


Bitcoin was trading lower in today’s session, as it was revealed that Tesla had sold 75% of its holdings in the cryptocurrency. The news comes following the company’s Q2 earnings call, where they confirmed converting the token into fiat currency. Ethereum was also lower on the news. Bitcoin


Following a recent run of gains, bitcoin (BTC) fell lower in today’s session, after it was revealed that Tesla had sold 75% of its holdings in the token.


Tesla stated that, “As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency”.


As a result of this, BTC/USD fell to an intraday low of $22,707.51 in today’s session, which comes less than 24-hours after sitting at a peak of $24,196.82. BTC/USD – Daily Chart


Ultimately, the shift in momentum comes as price strength was already nearly overbought, with the 14-day RSI tracking near a ceiling of 62 on Wednesday.


This resistance has now firmly been held, with the index now at a reading of 57, and a floor of 51 its next possible target.


Should this bearish sentiment intensify, then bitcoin could potentially begin to head lower, moving towards $20,000. Ethereum


Ethereum (ETH) also saw its recent winning streak snapped, as the token fell back into the red during Thursday’s session.


Following a high of 1,612.65 on Wednesday, the world’s second-largest cryptocurrency slipped to a low of $1,472.19 today.


The drop comes as sentiment around crypto turned bearish earlier in the session, with the global market cap trading 3.2% lower as of writing. ETH/USD – Daily Chart


Looking at the chart, ethereum’s Relative Strength Index was tracking above 70 during yesterday’s session, which was a three month high.


As of writing, the index now sits at 62, as bears have re-entered the marketplace, with some anticipating further declines this week.


If prices are to move lower, the $1,300 support point will likely be a point of interest for bears in the market.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum


Will we see ethereum continue to fall heading into the weekend? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: XMR Moves to 5-Week High, Despite Crypto Selloff MARKET UPDATES | 7 hours ago Biggest Movers: DOGE, ADA Move to Multi-Week Highs on Wednesday MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Ink Drop / Shutterstock.com Previous articleMasked Men Rob Large Crypto Mining Farm Near Moscow Next articleReserve Bank of India Is Working on ‘Phased Implementation’ of Central Bank Digital Currency Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


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