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Bitcoin and the crypto market have been losing momentum in the last 24 hours after experiencing a relief rally. Yesterday, the Elon Musk-led car manufacturer Tesla announced that it sold 75% of its BTC holdings to convert them into fiat currency.
This has thrown fuel on speculations about other big BTC holders unloading their assets into the market. MicroStrategy and its CEO Michael Saylor have been the target of a majority of these speculations.
Over the past week, Bitcoin’s third wealthiest address identified as 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ, has transferred 29,200 BTC to exchange platforms. Crypto users believe this is MicroStrategy’s BTC address.
Therefore, they speculate the software company sent their BTC to crypto exchange Coinbase. Over the past week, this address transferred 132,800 BTC to this platform which is roughly the amount held by the Saylor-led company.
Replying to all these rumors and speculation, Saylor tweeted with two emojis representing “diamond hands”. In the past, the executive said their plans are to hold Bitcoin “forever” dismissing any idea of dumping their BTC.
Bitcoin price gained pace and spiked above the $24,000 resistance zone. However, the bears appeared near $24,250. A high was formed near $24,264 and the price started a downside correction.
There was a move below the $24,000 and $23,500 levels. The price declined below the 38.2% Fib retracement level of the upward move from the $20,769 swing low to $24,264 high. Besides, there was a spike below the $23,000 level.
Bitcoin found support near the $22,500 zone and the 100 hourly simple moving average. It started a decent upward move and climbed above $23,000.
There was a break above a key bearish trend line with resistance near $22,750 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,440 level. The next key resistance is near the $23,880 zone.
Source: BTCUSD on TradingView.com
A close above the $23,880 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $24,250 level. The next major resistance sits near the $25,000 level.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.
Major Support Levels – $22,750, followed by $22,500.
Major Resistance Levels – $23,440, $23,880 and $24,250.
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