16.04.202107:46 Forex Analysis & Reviews: Cathie Wood's Ark Invest buys Coinbase shares!

Slowly but surely, Bitcoin continues to grow. The ascending channel continues to contain the bitcoin quotes, and investors have not yet had a burning desire to start selling coins of the number one cryptocurrency in the world. Recently, there has been some positive news in the cryptocurrency sector that could help bitcoin rise more. There were reports of large purchases of bitcoin by Liberty Mutual, Starr Insurance, and Millennium, and these purchases would be enough for bitcoin to continue its growth. According to experts, out of 19 million mined coins, about 14 are dead weight on their wallets and are not turning around in any way. Thus, there is a maximum of only 5 million coins in circulation, and any transaction for 10,000 BTC or more can lead to a change in the exchange rate by 1-2%. In addition, just a few days ago, the listing of shares of the Coinbase cryptocurrency exchange began on NASDAQ, which also had a positive impact on all cryptocurrencies.

It is noteworthy that Coinbase shares immediately began to be bought up by large investment funds, one of which is the well-known Ark Invest, which is managed by one of the most famous investors in the world, Cathie Wood. In the States, they say that everything that Cathie Wood touches becomes more expensive. Therefore, as soon as the news about the Ark Invest investment appeared in the media, the value of Coinbase shares rose even more. All this says only one thing. Bitcoin and cryptocurrencies continue to gain popularity in general as a segment. Ordinary people and investors are increasingly accepting bitcoin and other tokens into their lives, learning how to handle them, and trying to understand their true nature. By and large, the popularity of bitcoin is only growing with each such news.

There has been no negative background for bitcoin recently. News about a possible ban on cryptocurrencies in India is a thing of the past. The crypto community pays more attention to the positive background. Moreover, there is a clear ascending channel now, in which the quotes are located. Thus, it will be very easy and simple to identify a possible drop in the cryptocurrency.

In technical terms, the overall picture remains the same. The upward trend continues and now bitcoin has another benchmark in the form of an ascending channel, and there are also two targets – the nearest resistance level of $65,400 and the next psychological level of $70,000 per coin. As well as three supports: $44,600, $52,300, and $56,000. The consolidation of quotes below the channel will be a signal for the beginning of a strong correction.