Forex in this article
Bitcoin is experiencing a small sell-off after its local high of $ 48,000 on August 14, but the price is still trading above the key support zone around $ 44,000, which could propel it higher, largely due to rising institutional interest. Recently, one of the largest financial institutions, Fidelity, revealed that 90% of its largest customers are increasingly interested in accessing the crypto market. Fidelity said one of the biggest motivators for investors to get into cryptocurrencies is the fact that governments around the world are printing money due to the COVID-19 pandemic. Therefore, the company aims to create the long-term financial infrastructure that gives investors direct access to the digital asset market.
Bitcoin is currently experiencing a setback as buyers failed to overcome local resistance at $ 48,000. However, as long as the price stays above the $ 44,000 support zone, further upside momentum towards the psychological resistance at $ 50,000 is possible. However, if the price breaks down, the next target for the price is $ 42,625, which coincides with the 38.2% Fibonacci retracement of the last downward wave. Source: xStation 5
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