Tesla Bitcoins on the Move!

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Let’s get straight into today’s highlights.

📅 Today

🔍️ Market Outlook For The Week

• Overall Bias - Cautious 🙏 

• BTC dipped to it’s 200 Daily EMA at ~$60,000

• This EMA held as support which is bullish.

• BTC is now trying to break the crucial $66,500 resistance.

• If this level breaks, the final key level to break would be $70,500, after which it should be up only.

• Historically, Q4 has been the best-performing quarter for BTC so that we can expect some bullish momentum due to seasonality.

• It is wise not to take any new leveraged positions until BTC closes above $70,500 and to keep DCA in spot instead.

• On the lower end, the 200 Daily EMA continues to remain an important zone that bulls must hold if they want to take BTC to new all-time-highs soon.

Tesla’s Bitcoin Is On The Move ❗️ 

Tesla has made its first Bitcoin transactions in two years, moving its entire BTC holdings, worth $760 million, from its public wallet to anonymous wallets

This sudden move has sparked curiosity, with many people speculating a possible sale that could impact the market significantly.

The fact that these funds were sent to anonymous wallets are raising further questions about Tesla’s intentions.

Many fear that if Tesla decides to sell its coins, it could add selling pressure, impacting the cryptocurrency’s price.

The list of 7 wallets Tesla has transferred BTC to can be found here.

BTC Spot ETF’s Catch Fire 🔥 

Since Oct 11, the US Spot ETF’s have seen net inflows of $1.182 billion, including the 7th highest net-inflow day of $555.9 million on October 14.

Bitcoin is up 6.79% on the week due to this increased buy pressure from the ETFs.

When compared to Gold, Gold ETFs have only seen $1.4 billion in net inflows compared with more than $19 billion for Bitcoin ETFs overall.

Monitoring net flows from the Spot ETF’s continue to remain one of the most important factors determining short to medium term price action for Bitcoin.

📕 Educational

Key On Chain Metrics for Bitcoin signaling bullish momentum.

1. Rising Stablecoin Reserves on Exchanges 

Larger stablecoin balances on exchanges often lead to higher Bitcoin prices. 

Since January, USDT (ERC20) balances on exchanges have surged 146%, from $9.2B to $22.7B, even while Bitcoin’s price remained flat.

2. Whale Averages

The price of Bitcoin has never fallen below the cost average of wallets holding more than 10,000 BTC. Even during bear markets, the cost average of wallets with over 10,000 BTC has acted as a support level.

Since March 3rd, we have observed significant purchases from accounts holding more than 10,000 BTC, and currently, their average is at 39,874.

Even if we enter a bear market, the 39,874 level could serve as an excellent support

3. Short-Term Holder cost basis

Bitcoin has reclaimed the Short-Term Holder cost basis ($61.9k) and 200DMA ($63.9k) following a 0.50% interest rate cut by the Federal Reserve.

Short-term holders are under marginally less pressure as prices rise above their cost basis, after a period of net capital outflows.

This remains a key level of short-term support for BTC in case it wants to break to new all-time-highs relatively quickly.

📊 Stat of the day

📈 Chart of the day

• Bitcoin Dominance is set to breakout

• A weekly close above 58.6% will confirm the breakout.

• If the breakout is successful, alts will underperform BTC in the short term

• BTC dominance should top out soon in the weeks to come

• For now, the dominance rally is still super-strong

• Maintaining exposure to BTC is wiser than being invested in alts till this rally reverses.

• Source : Cointraction

🤣 Meme of the day

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide the best in class insights and highlights that keep you well-informed and ready. Remember to join us on Telegram and Twitter for additional updates and giveaways. Until then, see you next time!

Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research and analysis before investing.