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  • 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

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.