The price of Bitcoin posts modest rise, trading marginally above US$41,000, an increase of 3.3%. While, Ethereum It rises nearly 2% to US$2,250.
The largest cryptocurrency by marketcap was boosted following Tesla’s latest financial disclosure, which reveals a substantial investment in Bitcoin, with digital assets totaling $184 million on its balance sheet. underscoring strong corporate support for cryptocurrency.
Additionally, JPMorgan market analysts suggest a reduction in selling pressure for Bitcoin, as profit-taking activities on the Grayscale Bitcoin Trust (GBTC) appear to be declining. However, the situation is not uniformly optimistic.
Fitzgerald Cantor expresses concerns about the future profitability of Bitcoin miners, especially in light of the upcoming halving, which could challenge the financial viability of at least 11 mining entities. These various factors collectively shape the current and future dynamics of Bitcoin valuation.
Tesla investment in Bitcoin: $184 million in BTC
Elon Musk’s Tesla kept its Bitcoin holdings intact; The company’s balance sheet shows a total of US$184 million in digital assets, according to the financial report for the fourth quarter of 2023. Musk remains confident that Tesla will surpass all other companies in terms of valuation.
In the second quarter of 2022, Tesla sold 75% of the bitcoins it invested $1.5 billion in during the first quarter of 2021. Musk stated that he would be willing to hold more BTC in the future.
Prediction for Bitcoin
Bitcoin is currently stuck at $41,000 showing a cautious bullish trend on the four-hour chart time frame. The resistance levels are at US$41,095, US$42,072 and US$43,394, marking possible points of inflection for upward movements.
On the other hand, support lines are located at US$39,458, US$38,618 and US$38,000, which could provide a cushion against downward trends. The Relative Strength Index (RSI) is at 53. indicating neutral momentum, while the 50-day Exponential Moving Average (EMA) is around $40,169. One notable pattern is the extension of a descending channel, with major resistance at $40,275.
Do not overcome this resistance could signal a bearish trend. General market sentiment is trending toward a bearish outlook below the $40,275 level, suggesting caution among traders as Bitcoin navigates these critical technical thresholds.
Source: Ambito
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