Tesla has released its Q2 2023 earnings report, which has been highly anticipated by investors, and it shows no signs of Bitcoin movement for the electric car giant in the previous quarter.
The report shows that the company has had a record-breaking quarter, with the best-ever production and deliveries and revenue approaching $25 billion in a single quarter, despite the current macroeconomic environment.
Tesla Stands Firm On BTC Investment
One important aspect of the report is the section on Tesla’s balance sheet, which shows the company’s holdings in digital assets, specifically Bitcoin (BTC). As of June 30, 2023, Tesla’s digital assets holdings stood at $184 million, which is the same amount as the previous quarter.
This indicates that the company has not sold any of its Bitcoin holdings, despite the recent volatility in the cryptocurrency market.
Tesla’s decision to hold onto its Bitcoin holdings is significant, as it shows the company’s confidence in the long-term potential of digital assets.
This is in line with Elon Musk’s previous statements about Bitcoin and other cryptocurrencies, in which he has expressed support for their underlying technology and potential to transform the financial industry.
Bitcoin Rebounds To $30,000
At present, the largest cryptocurrency in terms of market capitalization and trading volume has surpassed the $30,000 threshold, recovering from its sharp decline to $29,400 on Tuesday.
Despite reaching a new yearly high of $31,800 on July 13th, Bitcoin’s bullish momentum suddenly dissipated, causing a retracement of over 1.6% in the last 14 days. However, the cryptocurrency has managed to maintain a 12% gain over the 30 days.
In the event of further price drops and a failure to consolidate above the $30,000 mark, Bitcoin has the advantage of its 50-day Moving Average, which could serve as a strong support level at $29,100.
However, sudden price movements have become increasingly common in recent months, following the thaw of the crypto winter.
Typically, when Bitcoin experiences a price drop, it is followed by a period of consolidation. As long as BTC does not drop below its 50-day and 200-day Moving Averages, it can be seen as a short-term victory for Bitcoin bulls who have weathered another round of selling pressure.
It remains to be seen whether BTC’s nearest support level will be able to hold and prevent another decline attempt.
Featured image from Unsplash, the chart from TradingView.com