Forex in this article
Stocks and commodities started the new week with price gains. Sentiment has also improved with other high-risk assets, such as cryptocurrencies. In the case of Bitcoin, it is the sixth week in a row that the cryptocurrency has started an upward move. News that PayPal is expanding its crypto offering to UK customers has pushed Bitcoin to a 3-month high near the $ 50,000 mark.
A look at Bitcoin from a technical point of view shows that the coin is testing the resistance zone between the $ 50,000 mark and the 61.8% retracement of the downward movement in mid-April 2021. Should this hurdle not be overcome, the price could fall back towards the $ 45,000 mark, which is the lower limit of the market geometry. On the other hand, a breakout above $ 50,000 would pave the way for a test of the $ 55,000 zone.
Source: xStation 5
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