Bitcoin Price Climbs 1% As Tesla Gains $80M On BTC Reserves

The Bitcoin price climbed over 1% in the past 24 hours to trade at $109,498 as of 6:58 a.m. EST on trading volume that plunged 28% to $77.2 billion.

This comes as Elon Musk’s Tesla (TSLA) reported an $80 million profit on its BTC holdings in the third quarter.

The electric car maker maintained its BTC treasury position of 11,509 BTC valued at approximately $1.35 billion during the period, up from $1.235 billion three months earlier.

The company was required to reflect the gain under new FASB accounting rules, which mandate quarterly recognition of unrealized gains and losses on digital assets.

In total, Tesla reported third-quarter revenue of $28.1 billion, which beat Wall Street estimates of $26.36 billion.

As Tesla maintained its Bitcoin position, US-based spot Bitcoin ETFs (exchange-traded funds) continued to bleed red after the recent crypto market crash.

“The lack of institutional accumulation has made the $107,000 to $108,000 zone increasingly difficult to defend as support,” Bitfinex analysts said in an Oct. 21 report, noting significant net outflows after US President Donald Trump’ said he would slap 100% additional tariffs on China’s exports.

Bitcoin Price Set For A Recovery

The BTC price has been trading within a sustained rising channel pattern since April 2025, allowing the king of cryptos to hit an all-time high (ATH) near $126,230.

However, a rejection from this upper boundary triggered a short-term correction, pulling BTC back toward the $105,000–$107,000 support region.

After retesting this key support, Bitcoin is now attempting a rebound within its broader bullish channel, with the price currently hovering around $109,498.

The current structure suggests that BTC is forming a potential recovery pattern after briefly dipping below the channel’s midline. The highlighted orange zone around $105,000 has served as a strong accumulation area, providing a foundation for a potential bullish reversal.

From a technical perspective, Bitcoin remains in a long-term uptrend as long as it continues to trade within this ascending channel.

The recent correction appears to be a healthy pullback within the broader bullish structure, allowing momentum indicators to reset before a potential continuation to the upside.

Moreover, the Relative Strength Index (RSI) on the daily timeframe currently stands near 43.7, indicating that the selling pressure has eased and that BTC may be entering a consolidation or early recovery phase.

A push above the 50-midline on the RSI would strengthen the bullish case, signaling a shift in momentum back in favor of buyers.

BTC Price Prediction: Bulls Target The $123,000 Resistance

According to the BTC/USD analysis, Bitcoin is currently building a recovery base near the $107,000–$109,000 range.

If the bullish momentum strengthens, the BTC price could target the next major resistance zone around $123,000, representing a potential 12–13% upside move from current levels.

Conversely, if bears regain control, the lower channel boundary near $105,000 will act as strong support. A sustained drop below this region could expose the price of BTC to a deeper correction toward the $100,000 support zone.

If BTC fails to reclaim the key $119,750 resistance, it could drop to the $97,130 or even the $74,500 support levels. says analyst Ali Martinez, who has almost 161k followers on X.

Overall, Bitcoin’s technical outlook remains cautiously bullish, with the broader trend still intact as long as price action holds above key structural support levels.