Tesla (TSLA.US) stock fell nearly 10%, extending yesterday's losses due to rising interest rates and the ongoing correction in bitcoin. The rate on the benchmark 10-year U.S. Treasury bonds jumped above a 1-year high of 1.6%, stoking investor concerns about potential interest rate increases which would negatively affect growth stocks such as Tesla. Also the company recently invested $1.5bn in the often volatile Bitcoin which is undergoing a correction phase at the moment. Due to the scale of this transaction, many investors tied Tesla's share price to the Bitcoin price.
Tesla (TSLA.US) shares have fallen more than 30% from the intra-day high it reached on January 25. If the current sentiment prevails, the downward move could be extended to the $500.00 handle which is additionally strengthened by 200 SMA ( red line). At the moment, lower limit of the descending channel is providing some support. Source: xStation5
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