© Reuters
Investing.com – Tesla’s (NASDAQ:) quarterly report released yesterday said the company held its stock in the third quarter and made no further sales. The value of the BTCs still held was estimated at $218 million, which corresponds to approximately 9700 bitcoins based on the current price.
In the prior quarter, much of the inventory was sold off, helping the electric vehicle maker pocket $936 million and post a profit of $64 million. The sales were justified by the fact that the COVID-19 lockdowns in China required improved liquidity.
Meanwhile, bitcoin remains in its range, below the psychological $20,000 mark, where it is visibly awaiting further monetary policy signals from the Fed. The next significant rally is unlikely to occur until the US central bank begins to consider easing monetary policy.
According to Neel Kashkari, president of the Minneapolis Fed, we should not expect the end of the rate hike cycle until next year. As long as inflation does not show a significant downward trend, he will continue to argue for a rate hike.
Bitcoin price technical benchmarks
Bitcoin is currently down 0.43 percent with a price of $19,135, while it is gaining 0.80 percent on a weekly basis.
With a daily close of $19.123, breaking below the support of the 23.6 percent Fibo retracement at $19.255 was confirmed yesterday. The door is therefore open to an extension of losses towards the low of September 21 at 18,191 dollars.
Only if we can sustainably regain the 23.6 percent Fibo retracement can we head for the October 18 high at $19,692. This resistance is reinforced by the 55-day MA, which stands at $19,668. Just above this, the next resistance lies at $19,914, with the 38.2 percent Fibo retracement, followed by the psychological level of $20,000.
By Marco Oehrl