Bitcoin

Bitcoin (BTC) Price Can Drop To $16k If Fails to Hold This Crucial Level

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Jul 4, 2022

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Bitcoin (BTC), the globe’s leading cryptocurrency, has failed to maintain its rebound phase and is now selling at a price of $19,000. Following the tremendous drop in Bitcoin price this year, Elon Musk’s Tesla Inc (NASDAQ: TSLA) is suffering a $440 million depreciation on its Bitcoin investments.

Tesla placed $1.5 billion of their additional funds in Bitcoin last year, in February 2021. This caused financial chaos, with Bitcoin topping at $69,000 in November 2021. Despite Tesla liquidating a few BTC last year, it still holds the majority. The organization evaluated its Bitcoin investments at $1.2 billion, three months ago. This indicates that the firm’s Bitcoin investments have declined by 33% in the last three months.

Alongside its investment, Tesla has also begun taking Bitcoin transactions for a limited time. It eventually reversed its judgment, claiming environmental issues with Bitcoin mining. 

Tesla is not the only company that has invested a portion of its excess cash in Bitcoin. This strategy has been used by other firms such as MicroStrategy, Coinbase, and Block Inc.

Bitcoin Price At $16,350?

As previously mentioned, Bitcoin is under pressure at $19,100. According to market researcher Ali Martinez, the Bitcoin transaction record reveals that $BTC needs to retake $19,500 as support as quickly as possible to prevent a drop to $16,350.

If Bitcoin (BTC) succeeds to maintain a persistent closing above $19,600, we should expect additional bullish market activity up to $22,000. It’ll be fascinating to watch what the market has in store for the next week.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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