BTC Price Challenges the $19.3K Resistance

Bitcoin Is in a Tight Range as It Challenges the $19.3K Resistance – October 21, 2022

The largest cryptocurrency has been restrained below the 21-day line SMA as it challenges the $19.3K resistance. BTC/USD price is trading marginally between the 21-day line SMA and the $19,000 support. The issue of a price rebound or breakout is imminent.

Bitcoin Price Statistics Data:•Bitcoin price now – $19,149.60•Bitcoin market cap – $367,399,212,022•Bitcoin circulating supply – 19,186,062.00 BTC•Bitcoin total supply – $402,264,264,910•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000 Support Levels: $25,000, $20,000, $15,000

Since October 10, the price movement has been insignificant as Bitcoin trades between $18,900 and $19,900 price levels. During this week, Bitcoin declined sharply to the low of $18,161 on October 13. However, the crypto pulled back immediately to the range-bound zone. Similarly, the crypto rallied above the moving average lines but faced immediate selling pressure as Bitcoin declined to the range-bound zone. In the meantime, BTC/USD is trading marginally within the confined range. On the upside, a price rebound will catapult Bitcoin above the moving average lines. The bullish momentum will extend to the high of $22,000. A major breakdown is not expected in October as Bitcoin trades better in the same period of the year.

Tesla holds $218M in Bitcoin After the Sell-off

Tesla CEO Elon Musk, the Electric vehicle manufacturer has retained Bitcoin status in the third quarter of 2022, after a $1 billion sell-off in the second quarter. Elon Musk indicated that the sell-off was due to liquidity constraints from the COVID-19 lockdowns in China. The sell-off affected the company’s $1.5 billion position in Bitcoin, which has been disclosed in February 2021. Elon Musk was one of the largest corporate holders of Bitcoin before the sell-off. Nevertheless, the company’s Q3 report showed that $218 million worth of “digital assets” has been reflected on its balance sheet. In other words, Tesla holds around 9,720 BTC. In the Q2 earnings report, Tesla said it sold 75% of its Bitcoin during the second quarter. This results in $936 million in cash to its books and a $64 million profit from the sale.

Meanwhile, Bitcoin is declining after reaching the high of $19,245 as it challenges the $19.3K resistance. The price movement has been in a tight range. On October 19 downtrend, BTC price made an upward correction and a candle body tested the 61.8% Fibonacci retracement level. The corrections imply that BTC will fall to level 1.618 Fibonacci extension or $18,410 price level.

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