Fundamental Development:-
Crypto Biz: Elon Musk: The ultimate crypto tourist
Elon Musk’s Tesla proved to be the ultimate paper hands after the electric vehicle maker sold 75% of its Bitcoin (BTC) holdings in the second quarter. I say, good riddance. The cult of personality isn’t good for Bitcoin, and neither is a technologist who treats the asset as his plaything. As far as we are aware, Musk hasn’t sold any of his personal Bitcoin stash and Tesla still has an estimated 10,800 BTC on its books. Still, the less we have to hear about Musk and Bitcoin, the better.
Short Term Technical View: On daily period, BTC is trading below 200 simple moving averages and trading below previous day low. Yesterday BTC made High 24,220 and decline and took support from 23340 levels. Yesterday it made low near $23,350.Bitcoin is struggling to gain momentum above $24,000.
Alternative Scenario: If Bitcoin fails to clear the $24,000 resistance zone, it could start another decline. An immediate support on the downside is near the $22,700 level.
Hourly MACD – The MACD is now gaining pace in the bearish zone.