Crypto Industry News:
BlackRock's chief investment officer Rick Reider admitted that the company is starting to "tinker" with bitcoin:
"We started to take a little interest in it [...] I have the feeling that technology has evolved and regulation has moved so much that many people think BTC should be part of the portfolio.
Reider says diversifying in terms of assets such as cryptocurrencies "makes some sense" because traditional safeguards like interest rates no longer work.
However, he declined to specify what percentage of the wallet should be kept in the flagship cryptocurrency:
"I will not give you the percentage of the allocation you would need. It depends on what the rest of your wallet looks like. "
BlackRock has been spinning around bitcoin for a long time
As early as January 20, BlackRock announced that it could gain exposure to bitcoin derivatives through two of its funds (BlackRock Global Allcoation Fund, Inc. and BlackRock Funds V).
BlackRock didn't get interested in bitcoin overnight. However, some of the management's earlier comments signaled that the company was actively exploring the industry, waiting for an opportune moment.
Technical Market Outlook:
The BTC/USD pair had made the all time high was made at the level of $52,516 and the next target for Bitcoin is now located at $60,000. The market is now consolidating the recent gains above $50,000. In the meantime, the local technical supports are: $45,902 and $50,000. The intraday support is $51,499. However, if the market is out of the main channel and the price is below the level of $43,125 ( overbalance level), then the chance for a deeper correction are high, so please keep an eye on this levels. Please notice, the momentum is now decreasing as the price go up, which might be the beginning for bearish divergence on H4 time frame chart.
Weekly Pivot Points:
WR3 - $65,941
WR2 - $57,841
WR1 - $54,644
Weekly Pivot - $45,671
WS1 - $42,441
WS2 - $34,081
WS3 - $31,183
Trading Recommendations:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $60,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $41,125 is clearly broken.
