On Thursday (10/24), Bitcoin rebounded above $67,100, falling to a minimum of $65,260 overnight. Tesla, a subsidiary of billionaire Elon Musk (Elon Musk), announced its third-quarter earnings report, revealing that it has not sold any bitcoins, dispelling recent fears of returning goods. According to data from Polymarket, a major cryptocurrency betting platform, Trump's victory rate in the November election fell in the short term. US bankers supported Trump but expected Harris to win. According to Bloomberg, the two candidates are at an impasse in swing state polls.

Tesla earnings report: 1,1509 bitcoins were not sold in the third quarter

Tesla announced its financial results for the third quarter of 2024 on Wednesday, showing that the company did not sell any digital asset investments worth $0.184 billion this quarter and did not sell any cryptocurrencies for five consecutive business quarters.

According to the automobile company's financial statements, third-quarter revenue was over $25.18 billion, slightly lower than the second-quarter revenue of approximately $25.5 billion. Net revenue for the quarter was approximately $2.18 billion, a significant increase from about $1.5 billion in the second quarter.

After Tesla began buying Bitcoin, the company came into the spotlight of cryptocurrency investors in 2021. Since then, Tesla and other publicly traded companies holding digital assets have been closely watched by market participants who measure the actions of these business entities as representative of institutional interests and keep abreast of selling pressures that may affect the market.

On-chain analytics company Arkham Intelligence reports that wallets suspected to belong to Tesla have begun transferring Bitcoin from a wallet that has been idle since 2022 to an unknown wallet.

According to Arkham, currently, the purported Tesla controlled wallet still shows a balance of 1,1509 bitcoins worth around $750,728797. Tesla's latest financial disclosure confirms Arkham Intelligence's initial report that the company has yet to sell any digital assets it holds.

US election polling scuffle: Trump's win rate has declined surprisingly

According to Polymarket data, Trump's win rate fell to 60.3% in November, and Harris's win rate rose to 39.7%.

According to recent survey data, US banking professionals are slightly biased towards Trump, but most expect Harris to enter the White House in January next year. American Banker publisher Arigent collected survey data from 191 respondents in the US banking industry and found that 59% (about 112 people) thought Harris was the frontrunner.

However, when asked if the Trump administration or the Harris administration would be better for the banking industry, 58% of respondents said Trump would be better in office.

According to American Banker: “Interestingly, 58% of the bankers surveyed think the Trump administration is better for the industry and individual companies, while 35% think Harris is the best for the banking industry. The same sentiment was found in similar questions about which election results would provide the best results in regulatory and policy matters and the country as a whole.”

The report said that the interviewees faced a relatively unusual election cycle, and the two candidates spent little time discussing actual policies after being elected. For the banking sector, this means uncertainty.

Isaac Boltansky, managing director and head of policy research at BTIG, told US bankers that this meant bankers were “forced to make more inferences than we are used to.”

Another new turn in the US presidential election cycle is putting more emphasis on cryptocurrencies and questioning the next administration's regulatory stance on digital assets and related technology.

According to a Bloomberg/Morning Consult poll, the approval ratings of the two candidates were statistically comparable in the seven swing states. The weak advantage of these battleground states highlights how the final advertisements, rallies, and door-to-door campaigns will determine who can enter the White House.

In all seven states, the two candidates were evenly matched, and both candidates had 49% approval ratings among potential voters. The overall statistical margin of error in this public opinion survey was 1 percentage point.

BitcoinTechnical analysis

CointeleGraph notes that Bitcoin's recovery attempt was met with strong selling pressure from bears, causing the price to drop to around $66,000 on Wednesday. Bitcoin's pullback resulted in a net outflow of $79.1 million from the US Bitcoin Spot ETF on Tuesday. According to Farside Investors, this is the first negative net inflow since October 10.

Despite recent pullbacks, analysts are optimistic about Bitcoin's rebound after the US presidential election. David Lawant, head of research at FalconX, said that regardless of the election results, Bitcoin “is likely to perform well.”

Veteran investor Paul Tudor Jones (Paul Tudor Jones) told CNBC in the US that he “holds a basket of gold, bitcoin, commodities, and NASDAQ (technology stocks)” because “all roads lead to inflation” after the US election.

Bitcoin once returned to the 20-day exponential moving average of $65,526, which is an important short-term one to watchSupport level.

A strong rebound from the 20-day EMA will indicate strong buying momentum on dips and indicate bullish sentiment. Buyers will then make another attempt to push Bitcoin above $70,000. If they succeed, the rally could extend to $72,000. Sellers are expected to pose a strong challenge in the $72,000 to $7,3777 region.

On the downside, falling below and closing below the 20-day EMA will weaken the positive momentum. Bitcoin could then drop to the 50thsimple moving average$62295, which would indicate that the range-bound movement will continue for a few days.