Bitcoin continues its strong rebound from yesterday, breaking above $ 47,000
Bitcoin began a local downward correction on August 14, after the major cryptocurrency hit local highs around $ 48,000. However, the declines halted yesterday, just below $ 44,000 level which is still above the 23.6 Fibonacci retracement of the last upward wave that started in late July. At the moment, Bitcoin is trading above the 50.0 retracement of the April-May downturn, and is approaching local highs. Positive information on the cryptocurrency market comes from American institutions. At a time when the battle is underway to launch the first American ETF on Bitcoin, Wells Fargo decides to register a private fund for Bitcoin. A similar move was also made by JP Morgan. These banks will provide an indirect opportunity to invest in the cryptocurrency market for their richest clients. In addition, Coinbase announces that it will purchase cryptocurrencies worth over $ 500 million to add to the stock exchange's balance sheet. The company's CEO also announces that 10% of the profits will be invested in cryptocurrencies.
Bitcoin is about to attack the latest local highs. Interestingly, cryptocurrencies are doing quite well, even despite the rebound of gold and sharp declines of copper, which is treated as a speculative asset (similar to Bitcoin). Source: xStation5
