Crypto Industry News:

In the newly released report, we read that Tesla Motors sold part of its stake in bitcoin in the first quarter of this year, generating a net income of $ 272 million.

In a 30-page supplement to its quarterly financial results, Tesla reported a “positive impact” of $ 101 million on BTC sales. In its quarterly cash flow statement, Tesla concluded that “revenues from digital asset sales” were valued at $ 272 million.

According to Tesla CEO Elon Musk, the company “sold 10% of its stake to prove bitcoin liquidity as an alternative to keeping cash on the balance sheet.”

The electric vehicle maker hit the headlines in February after revealing a strategic BTC acquisition move of $ 1.5 billion. At that time, it accounted for 7.7% of Tesla’s gross cash pool. Shortly thereafter, the company also announced that it would accept bitcoin as payment for its cars without having to convert it into fiat currency.

In addition to Bitcoin investment moves, Tesla posted a net income of $ 438 million in Q1 2021, a new all-time record. Earnings per share were 93 cents on revenues of $ 10.39 billion. Representatives from the company led by Elon Musk also said they expect vehicle deliveries to increase by more than 50% this year. This equates to a supply potential of approximately 750,000 new vehicles this year.

Technical Market Outlook:

The BTC/USD pair has been continuing the bounce from the level of $47,060. The bulls has managed to bounce through the level of $52,039, which is the technical resistance for the price and now are trying to make another higher high at the level of $54,719. The next immediate target is seen at the level of $55,501 and then at the level of $60,000. The momentum is currently neutral and any breakout into the positive territory might extend the bounce to the level of $57,330.

Weekly Pivot Points:

WR3 – $62,642

WR2 – $60,057

WR1 – $52,987

Weekly Pivot – $50,187

WS1 – $42,706

WS2 – $40,371

WS3 – $33,169

Trading Recommendations:

Event despite the recent correction from $64,789 to $47,060 the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $50,000 is clearly broken on the daily time frame chart (daily candle close below $50k).

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The material has been provided by InstaForex Company – www.instaforex.com

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