Institutional interest in Bitcoin accelerates

Bitcoin is experiencing a minor sell-off, following its local high recorded on August 14 at $48,00, however price is still hovering above a crucial support zone around $44,000, which could propel it higher especially among rising institutional interest. Recently one of the major financial institutions, Fidelity, revealed that 90% of its biggest clients are increasingly interested in accessing the cryptocurrency market. Fidelity said that one of the largest motivators for investors to get into cryptocurrency was the fact that the governments around the world are printing money due to the COVID-19 pandemic. Therefore the company aims to establish the long-term financial infrastructure necessary for investors to directly access the digital asset market.

Bitcoin price is witnessing a pullback after buyers failed to break above local resistance at $48,000. However, as long as the price sits above the support zone around $44,000 further upward impulse is possible towards psychological resistance at $50,000. On the other hand, should a break lower occur, then the next target for bears is located around $42,625 which coincides with 38.2% Fibonacci retracement of the last downward wave. Source: xStation5