The price of the largest cryptocurrency Bitcoin (BTC) is down by more than 2% in the last 24 hours after the electric car manufacturer Tesla sold 75% of its bitcoin holdings in the second quarter, which added $936 million of cash to its balance sheet. The Bitcoin price fell below $22,700 after this announcement and as of this writing, the crypto pair slightly rebounded back to near $23,000.
"As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet," - Tesla said.
Tesla on Wednesday announced better-than-expected second-quarter financial results. Tesla stock jumped 1% in extended trading on Wednesday while shares are down almost 30% from the beginning of the year.
BTCUSD short-term technical outlook
Technically the current price action signals suggest that the short-term bearish trend remains intact. Now watch closely the trendline support of $22,250/00, any break above this level will open $21,500/400 minimum. On the flip side, $23,800 will act as an immediate and strong hurdle while $24,500 will be a critical resistance zone because above this, bulls are likely to dominate.
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