Tesla has issued the Q2 2023 earnings report that investors have been eagerly awaiting, and it shows no signs of Bitcoin movement for the electric car giant in the prior quarter.
The report shows that the company has had a record quarter, with best-ever production and shipments and sales of nearly $25 billion in one quarter, despite the current macroeconomic environment.
Tesla Holds on to BTC Investments
An 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 were $184 million, 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 on to its Bitcoin holdings is significant, as it demonstrates the company’s confidence in the long-term potential of digital assets.
This is in line with Elon Musk’s previous statements on Bitcoin and other cryptocurrencies, where he has expressed support for their underlying technology and the potential to transform the financial industry.
Bitcoin bounces back to $30,000
Currently, the largest cryptocurrency in terms of market cap and trading volume has crossed the $30,000 threshold, recovering from the sharp drop to $29,400 on Tuesday.
Despite hitting a new annual high of $31,800 on July 13, Bitcoin’s bullish momentum suddenly dissipated, triggering a retracement of more than 1.6% in the past 14 days. However, the cryptocurrency has managed to maintain a 12% gain for 30 days.
In the event of further price declines and failure to consolidate above USD 30,000, Bitcoin has the advantage of its 50-day moving average, which could serve as a strong support level at USD 29,100.
However, sudden price movements have become increasingly common in recent months, following the thaw of the crypto winter.
When Bitcoin experiences a drop in price, it is usually 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 win for Bitcoin bulls that have weathered another round of selling pressure.
It remains to be seen whether BTC’s closest support level will be able to hold and prevent another refusal attempt.
Featured image of Unsplash, chart from TradingView.com
