Fidelity Investments, a leading financial services firm, has made a significant purchase of $100 million worth of Bitcoin. This has induced interest in the institutions correlated with the crypto sector.
Technical Indicators and Market Dynamics
This attainment has helped in the recovery of the Bitcoin Exchange-Traded Fund (ETF) market after a total outflow of around $3.2 billion in a span of 8 days. But the inflows have rounded up to $94.3 million on 28th February.
Implications for the Crypto Market
With Fidelity's investment, combined with recent ETF inflows, it depicts an institutional interest in Bitcoin. This signals a bullish trend in the near future but the enthusiasts are advised to monitor this news as it will have a significant impact on trading strategies and market sentiment in the upcoming weeks.
BTC Market Status
BTC, at the time of writing, is trading at $83,831 and depicting a decline of around 8.48%. The resistance line, Simple Moving Average (SMA) and support level, together show a bearish trend. Failure to maintain the current levels will lead to a further decline in support zones.
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