Crypto

Bitcoin and Tesla fall as Elon Musk could sell more shares

Bitcoin and Tesla Shares Fall After Elon Musk Warns He Could Sell More Shares

It’s a familiar scenario to start the week as Bitcoin follows the decline in TSLA shares after recovering overnight.

Bitcoin (BTC) tested the $ 65,000 USD level as support when the US markets opened on November 15 with a weekend surge ending in a pullback.

Bitcoin chart (BTC / USD) 1 hour

Source: TradingView

Analysts maintain a positive price outlook for Bitcoin

Moving away from recent trends, Bitcoin did not rally further at the beginning of Wall Street trading, instead targeting the old all-time high in April.

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For Cointelegraph contributor Michaël van de Poppe, higher levels were more important to preserve overall bullish momentum in the short term.

“We are still looking at a possible wedge structure to the upside here,” he summarized, along with an annotated chart.

“Bullish bias if Bitcoin breaks above $ 66.4K- $ 66.8K”.

Elsewhere, attention has turned to indicators, suggesting that there may be more room for price growth before signals for classic cycle highs emerge.

Philip Swift, creator of the Look Into Bitcoin data resource, highlighted the Spent Production Profit Index (SOPR) and contrasted the current state of the market with the “overheated” atmosphere of early 2021.

“These daily levels of p / l in chain are very low. Yesterday it was close to being negative again. We are a long way from the overheated levels seen on the left side of the chart, ”he commented.

“With pretty flat funding too, probably not much more before it starts to grow significantly again.”

Bitcoin SOPR chart

bitcoin sopr 15112021Source: Philip Swift / Twitter

SOPR examines the price at which coins have moved over a period of time and is useful in determining investor behavior in different segments of Bitcoin’s price cycles.

Another Tesla crash tests the crypto market

Ethereum (ETH), Solana (SOL), and Polkadot (DOT) were the top altcoins of the day, standing out from the flat progression of other tokens.

Up 2.6%, Ethereum was trading above $ 4,700 USD at the time of writing, once again approaching all-time highs and the $ 5,000 USD mark.

elon musk twitter tesla tsla bitcoin stock market

In traditional markets, Tesla shares (TSLA) fell more than 3% in the stock market as the US market opened, a move that saw Bitcoin mimic the behavior, as it did last week. pass.

* To trade US and Canadian stocks on the stock exchange with a licensed and regulated Canadian broker, here is $ 50 for your first trade costs. ” view the offer

In a somewhat heated Twitter exchange, CEO Elon Musk threatened to increase his existing stock sales.

Telsa Daily Chart (NASDAQ: TSLA)

tesla tsla stock exchange 15112021Source: TradingView

Par William Suberg, Cointelegraph

William Suberg got into Bitcoin while completing his master’s degree and hasn’t looked back since, writing about everything cryptocurrency that makes him sit back and get your attention. He started working with Cointelegraph in October 2013.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you should do your own research when making a decision.

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Disclaimer: The information and opinions contained in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell currency or CFD contracts. Although the information contained in this document has been taken from sources considered reliable, the author does not guarantee its accuracy or completeness, and does not assume responsibility for any direct, indirect or consequential damages that may result from the fact that someone trusts such information.

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