empty
21.08.2023 10:11 AM
Technical Analysis of BTC/USD for August 21, 2023

Crypto Industry News:

According to a media report, SpaceX, a reputable aerospace technology company, reportedly reported a $373 million worth of Bitcoin holdings in 2021 and 2022. The report suggests that the entity may have sold its entire Bitcoin stockpile. However, this remains unconfirmed information.

Journalists, after reviewing the company's financial documents, reported that SpaceX's expenses amounted to about 5.2 billion dollars in 2022. Additionally, the company spent $5.4 billion in 2021 and 2022 on real estate, equipment, and research and development.

SpaceX CEO Elon Musk publicly announced in 2021 that the company had acquired a certain amount of Bitcoin. The announcement comes after an SEC filing revealed that Tesla had plans to buy $1.5 billion worth of cryptocurrencies. This move likely played a role in Bitcoin reaching a then-record price of over $43,000.

Tesla's earnings report for the second quarter of 2023 indicated that the company had sold all of its Bitcoin holdings (except $184 million). More specifically, Tesla liquidated over 30,000 BTC in the second quarter of 2022, which is approximately $936 million. This is approximately 75% of her initial $1.5 billion Bitcoin investment.

Technical Market Outlook:

The BTC/USD pair has been under pressure all weekend long and no recover rally had been made yet. The bulls keep trying to bounce from the lows and trigger a bigger correction, but the current local bounce high was made at the level of $26,743. The level of $25,560 will now act as the technical support, but the key technical support is seen at the level of $24,753. Please notice, the current market conditions are extremely oversold on H4 and Daily time frame chart, so the bulls are free to bounce even towards the technical resistance located at $28,446.

This image is no longer relevant

Weekly Pivot Points:

WR3 - $26,439

WR2 - $26,243

WR1 - $26,125

Weekly Pivot - $26,047

WS1 - $25,929

WS2 - $25,851

WS3 - $25,655

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

US crypto regulation bill moves ahead rapidly

US lawmakers are moving swiftly on legislation aimed at regulating digital assets. Votes on a stablecoin bill and a revised version of the broader cryptocurrency market structure bill are expected

Jakub Novak 10:52 2025-03-27 UTC+2

BTC/USD Analysis. March 27th. Bitcoin lacks growth potential

The wave structure on the 4-hour chart of BTC/USD is quite clear. After completing a bullish trend composed of five full waves, a corrective downward phase has begun, currently taking

Chin Zhao 08:31 2025-03-27 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 27

Bitcoin and Ethereum are facing challenges in maintaining their upward momentum. However, this appears to be more of a reaction to Donald Trump's latest political statements—which have

Miroslaw Bawulski 08:06 2025-03-27 UTC+2

Technical Analysis of Intraday Price Movement of Filecoin Cryptocurrency, Thursday March 27, 2025.

By successfully breaking below the lower line of the Rising Wedge channel of the Filecoin cryptocurrency on its 4-hour chart and its price movement is now stuck

Arief Makmur 06:55 2025-03-27 UTC+2

Technical Analysis of Intraday Price Movement of Ethereum Cryptocurrency, Thursday March 27, 2025.

If in the next few days there is no significant strengthening, especially if it breaks through and closes above the level of 2549.05 on the daily chart of the Ethereum

Arief Makmur 06:36 2025-03-27 UTC+2

Bitcoin hovering before spike above $90,000

While you're mulling over whether to buy Bitcoin or not, the world's largest asset management leader, BlackRock, is actively increasing its ETH holdings for its tokenized fund, BUIDL. This move

Jakub Novak 09:39 2025-03-26 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 26

Bitcoin and Ethereum continue to show active growth but face challenges in overcoming major resistance levels. Yesterday, Bitcoin pulled back after reaching $88,400 and is currently trading around $87,600. Ethereum

Miroslaw Bawulski 08:22 2025-03-26 UTC+2

Why Bitcoin's fall not over yet

Despite the recent growth of the cryptocurrency market, larger upward prospects and a return of Bitcoin to the $100,000 mark remain unrealistic for now. This is evidenced by data from

Jakub Novak 10:00 2025-03-25 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 25

Bitcoin and Ethereum have reached significant levels but failed to hold them. Bitcoin climbed to $88,600 before pulling back and now trades around $86,600. Ethereum also corrected after another failed

Miroslaw Bawulski 08:26 2025-03-25 UTC+2

Bitcoin and Ethereum show signs of revival

Bitcoin and Ethereum are back in recovery mode after traders took a pause over the weekend. While the latest movement hints at a return of bullish sentiment, it is still

Jakub Novak 12:27 2025-03-24 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.