Long-Term Bitcoin Analysis, 21 July 2022

As you can see in the picture, the price drop has stopped by touching the bottom of the ascending channel formed in the weekly chart.

The support range is very important for Bitcoin, and if this range is broken, from a technical point of view, it may indicate a further fall of Bitcoin to the $12,000 range.

Elon Musk’s announcement to sell more than 75% of Tesla’s Bitcoin volume has also increased the inflammation of the cryptocurrency market.

But in light of this news, there are two fundamental questions that are very difficult to answer.

Is there a seller in the market after Elon Musk’s bitcoin sale?

The average selling price of Bitcoin by Tesla is in the range of 24,000. Has this news been announced so that the price returns to the bottom of the channel and Tesla can start making purchases again?

Is it possible to always consider Elon Musk a good business model?