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Bitcoin: Technical picture ignores growth catalysts

Tuesday was a day of good news for the main cryptocurrency. From a document filed with the U.S. Securities and Exchange Commission (SEC), Tesla is likely to start accepting bitcoins as payment for its cars. But that's not all.

Tesla is ready to bring back payment using bitcoins.

Elon Musk's company has hinted at the possibility of accepting payments in cryptocurrency in financial details related to his initial purchase of bitcoins, which were added to the company's 10-Q filing with the U.S. regulator.

Tesla said that the $1.5 billion purchase of bitcoins was made "during the nine months ended September 30, 2021." During this period, the firm also accepted bitcoin as payment for some of its products for three months, until March 31, 2021.

According to a document released on Monday, October 25, 2021, the company now sees an opportunity to allow customers to pay with Bitcoin or other digital assets in the future.

Tesla's SEC filing also acknowledges the company's view of digital assets, which the automaker says can provide a long-term investment as well as an alternative to cash.

Record flow of investments in cryptocurrency.

According to CoinShares' blog post, the cryptocurrency industry noted a record inflow of $1.47 billion this week. Of this, $1.2 billion came exclusively from the new Bitcoin ETF ProShares.

It is currently an absolute record with a significant advantage over the previous weeks of the year. The total assets under management reached $76.7 billion.

Obviously, massive inflows to the market are related to the listing and approval of BTC futures ETFs. The second-largest provider of funds last week was the ETC Group, which brought in $111 million to the market.

And as the main cryptocurrency is becoming more and more popular among institutional investors, against the backdrop of ETFs, there is an outflow from some altcoins. Ethereum has been losing institutional interest for the third week in a row, with $1.4 million withdrawn from it.

ProShares ETFs, a success!

ProShares' Bitcoin futures exchange-traded fund, launched last week, has surpassed the $1 billion mark in assets under management. It became the fastest ETF in the history of investment products.

It is also worth noting that the net asset value of the first U.S. ETF reached the $1 billion mark and came close to the ETFs based in Canada, which have been trading since February and April this year.

The main difference between the two funds is that Canadian ETFs actually contain bitcoins, while U.S. ETFs only deal with bitcoin futures so far.

Technique VS Foundation: it's too early to relax.

While the market is showing signs of growing demand for the main cryptocurrency, things don't look so rosy on the Bitcoin chart.

The local resistance level 62,637.96 has not yet been broken: Monday's breakout turned out to be false. This means that the threat of the formation of a head and shoulders reversal pattern in the range of $60,000 - $63,000 per coin has not yet passed.

As noted earlier, if the recovery stops below $67,000 per coin in the coming days, the price may well return to the $60,000 support and break through, opening the way for bitcoin to $55,000 or even $52,000 per coin.


The material has been provided by InstaForex Company -