Price Forecast: BTC (Bitcoin) - News-Credit-Mortgage-Coin

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Saturday, August 21, 2021

Price Forecast: BTC (Bitcoin)

 



Which institutional investors joined Bitcoin (BTC) during the week?

Wells Fargo, in partnership with NYDIG and alternative asset manager FS Investments, has registered a new mutual fund called "FS NYDIG BITCOIN FUND I", which will give the bank's wealthy clients an indirect access to Bitcoin (BTC). In another sign of growing institutional interest, filings filed by BlackRock with the US Securities and Exchange Commission show a 6.71% stake in Marathon Digital Holdings and 6.61% in Riot Blockchain. BlackRock's total investments in publicly traded Bitcoin mining firms are worth roughly $384 million.



On the other hand, Coinbase CEO Brian Armstrong announced on Aug. With this move, Coinbase will become the first public company to hold Ether (ETH), decentralized finance tokens and PoS projects on its balance sheet. After these positive developments for the crypto market, we take a look at analyst Rakesh Upadhyay's technical analysis of 10 major cryptocurrencies…


Bitcoin (BTC)

Bitcoin has spent the past days amid the struggle of the bulls and bears around $45,692. The bears pushed the price below this level on August 17, but failed to break the $44,183 support. Buyer pressure from this level pushed the price above the 200-day SMA on August 19. The ascending 20-day EMA and the RSI near the overbought zone indicated that the bulls were in control. Now, if BTC price can stay above $48,144, it could strengthen against the dollar and rally to $51,500, where the bears may face stiff resistance again. If the bulls are able to stop the decline above the 200-day SMA, it will signal strength and increase expectations for a continuation of the uptrend. Afterwards, a break of $51,500 could prepare the rally for a possible upward move to $60,000. This bullish view will be invalidated if the price declines and breaks below the breakout level of $45,451.67.



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