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Bitcoin’s troubles continue as the popular cryptocurrency dipped below $27,000, raising concerns of a further decline. The latest hit comes in the wake of aerospace giant SpaceX reportedly offloading roughly $373 million worth of Bitcoin, which it had acquired between 2021 and 2022. Amidst this sell-off, Bitcoin faces a resistance of $28,943.90 and new support of $25,409.11.
BTC/USD 1-day price chart, Source: Trading View
SpaceX Sells Bitcoin (BTC)
The Wall Street Journal reports on August 17 revealed that SpaceX had recorded Bitcoin holdings amounting to $373 million on its balance sheet during 2021 and 2022. Documents showed that the firm’s total expenses for 2022 were approximately $5.2 billion, with $5.4 billion spent in 2021 and 2022 on acquiring property, equipment, research, and development. While SpaceX has been tight-lipped about the sale, this move indicates a strategic shift in the company’s financial portfolio.
It’s important to note that Elon Musk, SpaceX’s CEO, publicly announced in 2021 that SpaceX had acquired an unspecified amount of Bitcoin. In the same year, a filing with the U.S. Securities and Exchange Commission disclosed that Tesla, another company co-founded by Musk, had plans to purchase $1.5 billion worth of the cryptocurrency. Such announcements contributed to Bitcoin’s surge, propelling it to an all-time high of over $43,000.
Will BTC Price Fall Further?
Bitcoin price is recovering since the news broke out and is current trading at $26,800.74, with a 24-hour trading volume of $26,151,285,776. Despite this drop, Bitcoin retains its top position on CoinMarketCap with a live market cap of $511,783,802,814.
Famous crypto analyst, credible crypto predicted that this drop marks the bottom for BTC price. As per his analysis Bitcoin high time frame uptrend is still intact and BTC is still bullish on the macro.
Literally took more liquidations than we got during the FTX collapse to flush us this low and we couldn't even break HTF bullish market structure. $BTC didn't go below 26k on most spot exchanges- went lower on perps/leveraged products because of the liquidations.
Right inside… https://t.co/lKJh4M0W7E pic.twitter.com/Vdxr0Zd5Zv
— CrediBULL Crypto (@CredibleCrypto) August 17, 2023
He revealed that this is largest liquidation event since FTX crash and it will be followed by bullish price action.
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