Bitcoins Troubles continue as the popular cryptocurrency fell below $27,000, raising concerns of a further decline. The latest success comes after aerospace giant SpaceX reportedly dumped around $373 million worth of bitcoin it acquired between 2021 and 2022. Amid this sell-off, Bitcoin is facing resistance at $28,943.90 and new support at $25,409.11.
BTC/USD 1-day price chart, source: trading view
SpaceX Sells Bitcoin (BTC)
The Wall Street Journal reports On Aug. 17, the company announced that SpaceX had $373 million in Bitcoin holdings on its balance sheet in 2021 and 2022. Documents showed that the company’s total spending for 2022 was approximately $5.2 billion, with $5.4 billion spent in 2021 and 2022 on real estate, equipment acquisition, research and Development. While SpaceX wasn’t clear about the sale, the move indicates a strategic shift in the company’s financial portfolio.
It is important to note that in 2021, SpaceX CEO Elon Musk publicly announced that SpaceX had acquired an unspecified amount of Bitcoin. That same year, a filing with the US Securities and Exchange Commission disclosed that Tesla, another company Musk co-founded, had done so plans to buy the $1.5 billion cryptocurrency. Such announcements helped Bitcoin surge, sending it to an all-time high above $43,000.
Will BTC Price Fall Further?
Bitcoin price has been recovering since the news broke and it is currently trading at $26,800.74 with a 24-hour trading volume of $26,151,285,776. Despite this decline, Bitcoin maintains its top position on CoinMarketCap with a live market cap of $511,783,802,814.
Well-known crypto analyst Credible Crypto predicted that this drop marks the bottom in BTC price. According to his analysis, Bitcoin’s uptrend is still intact on the upper timeframe and BTC is still bullish on a macro level.
He announced that this is the biggest liquidation event since the FTX crash and that bullish price action will follow.
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