Will bitcoin [BTC] rise above the $23,000 level over the weekend

Bitcoin [BTC] is back above the $23,000 mark Notice from Tesla that it has sold 75% of its BTC establishments.

Recall that BTC lost its position from $24,000 to $22,000 when the automaker released its second quarter (Q2) report. However, BTC eventually rallied, trading at $23,639 at press time.

Interestingly, Tesla wasn’t the only culprit for massive institutional selling. According to Arcana research analyst Vetle Lunde, the BTC dump did not start with Tesla. The analyst mentioned that the trend looked like an organized one.

Around the same time, Tesla sold 75% of its BTC holdings. We estimate Tesla’s turnover at 29,060 BTC at an average price of $32,209. pic.twitter.com/L4FawsrpSH

— Vetle Lunde (@VetleLunde) July 21, 2022

Lunde meticulously analyzed how it started with the collapse of Luna, the miners’ BTC selling pressure, to the point of collapse Capital of the Three Arrows (3AC)and Celsius Challenges.

While the analysis may not be clear enough, the liquidity issues faced by many crypto firms could mean that more institutions could sell their holdings. If so, another BTC capitulation could be imminent.

However, BTC seems to care less about all these sellers as it has pumped $4.29 to its current price. Still, the crypto “extreme market condition” may not be over yet. This update would also affect retail investors as institutional powers appear poised to control market movements.

From up here

Even with the cumulative 236,237 BTC dump, the current BTC price appears to have a stronghold at $23,000. According to the price chart, the trend could remain bullish for the next few days as it is now.

This is because the 20-period EMA (blue) is solid above the 50-period EMA (yellow). Thus, buyer control appears to be much more powerful than institutional selling pressure.

Source: TradingView

Similarly, longer-term analysis appears to be sticking with the strength of Bitcoin buyers. While the 200 EMA (green) is close to the 50 EMA, the 50 EMA (yellow) still slightly surpasses it. It hinted in some ways at the longer-lasting bullish sentiment.

Is it over for bears?

With BTC showing incredible resistance to selling pressure, one would assume the bear market is nearing an end. However, it could be a wrong decision, especially in the long term.

The closeness of the 50 and 200 EMA could be a reason for this prediction.

Still, the possibility of another Bitcoin capitulation is highly unlikely. This does not mean that bearish signals cannot appear in the foreseeable future. At this stage, it could be a good decision for investors to be cautious and see where the market moves next.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers