- The CIO of Soros Fund Management thinks Bitcoin is taking over gold's inherent features.
- Soros has over time invested in digital asset infrastructure, hinting at Bitcoin ownership.
- BTC embraced support at $50,000, but recovery is hampered toward the key hurdle at $56,000.
Bitcoin appears to have stabilized above the support at $50,000 following a gruesome trading week. Meanwhile, the Chief Information of Officer of Soros Fund Management, Dawn Fitzpatrick, affirmed that the company is keen on Bitcoin's infrastructure. She spoke in an interview with Bloomberg where she also insinuated ownership of Bitcoin.
Soros Fund Management mysterious regarding Bitcoin ownership
Fitzpatrick chose not to answer when asked if the fund manager owns Bitcoin apart from its infrastructure involvement. Hence, it remains unclear whether Soros Fund Management holds Bitcoin or not.
Nonetheless, it came out clearly that the company has a close relation with Bitcoin and the cryptocurrency space altogether. Moreover, the sluggish performance of gold amid the crypto bull cycle shows that BTC is rising to par with the world's precious metal.
While commenting on the soon-to-launch Chinese digital currency, Fitzpatrick said that the move would try to stifle and delegitimize Bitcoin, but the effect would be temporary. According to her, China has its strategic reasons for being a first mover with a central bank digital currency (CBDC). One of them is to offer the world an alternative currency.
Bitcoin stable, but overhead pressure lingers
Bitcoin is trading marginally above $50,300 after a minor recovery from the recently formed support at $50,000. The upside has been capped at the short-term descending parallel channel. On the other hand, the 200 Simple Moving Average (SMA) provides immediate support.
If the 200 SMA anchor caves alongside the channel's middle boundary, the bellwether cryptocurrency may correct back to $50,000. Support at this level is enormous, but if broken, BTC will plunge to $46,000 and $44,000, respectively, amid the hunt for another formidable buyer congestion area.
Note that the Relative Strength Index (RSI) on the 4-hour invalidates the uptrend while emphasizing potential losses.
BTC/USD 4-hour chart
It is worth mentioning that the recovery rally staged from $50,000 will remain intact if support at the 200 SMA holds. On the upside, gaining ground above the descending parallel channel may trigger many buyer orders as investors speculate liftoff above $60,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.