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Investing.com – The saw a bullish push last night, reaching a peak at $23,812 last night, the highest since August 17, 2022, over 5 months ago.
Recall that bitcoin is up more than 35% since the start of the year, thanks in large part to lower inflation and economic data suggesting that the economy will avoid a precipitous fall.
However, a string of unfavorable fourth quarter results, including tech giants Microsoft (NASDAQ:) and Texas Instruments and iconic aerospace company Boeing (NYSE:), dented that optimism during the day. from yesterday, which caused BTC to visit the $22,300 support.
Tesla Didn’t Sell or Buy Bitcoin in Q4
However, the results of Tesla Inc (NASDAQ:) published last night were the occasion of a good surprise, which seems to have increased the optimism of investors, on cryptocurrencies and elsewhere. The electric vehicle manufacturer led by Elon Musk posted EPS of $1.19, against $1.15 expected.
Tesla’s quarterly earnings release also included material directly related to Bitcoin. Financial data from Tesla indeed showed that the company neither bought nor sold any of its bitcoins for the second consecutive quarter. And this, despite the severe market turbulence in November and December, following the collapse of FTX.
Accounting records show the company holds $184 million in digital assets as of December 31, 2022, down from $218 million held in the prior quarter, due to $34 million in impairment charges from the fall. bitcoin price between late September and December last year.
However, Bitcoin’s surge was only short-lived as sellers responded, bringing the crypto back to $23,150 at the time of writing. This caution can be explained in particular by the expectation of the Q4 US GDP which will be published this afternoon, and which could have a decisive impact on the world markets, including crypto-assets.
Technical thresholds to monitor on the
Finally, from a chart perspective, the $23,000 threshold is the first potential support, but the first tested and confirmed chart support is the $22,300 area.
On the upside, $23,250/$23,300 is immediate short-term resistance, before yesterday’s high near $23,800, then the psychological level of $24,000.
With hindsight on the daily chart, we can also see that the 50-day moving average has just crossed above the 100-day moving average, which constitutes a positive technical signal, although it is less important than the crossovers. 50-day MA above the 200-day MA.
