The Bitcoin price on Thursday has extended gains steadily amid a positive new flow, although the market seems to lack confidence.
Among the positive news, the world’s largest asset manager BlackRock is planning to let its clients trade crypto through the firm’s Aladdin investment platform. Notably, BlackRock manages over $10 trln in assets, so this news is upbeat for the industry.
In addition, El Salvador announced its intention to issue the first Bitcoin bond, worth $1 bln, in March. This is also positive news for the cryptocurrency business, since the more tools are available, the more opportunities there will be for investors.
In Russia, the debate continues on the cryptocurrency market and its regulation. Today, State Duma Deputy Mr. Gorelkin noted that the legalization of the cryptocurrency market in Russia would not replace the ruble’s status as legal tender, but would definitely provide the opportunity for consumers to safely invest in new instruments. This softened rhetoric sends a favorable signal to the digital currency sector, since the scope of the Russian market is vast.
The technical picture of BTC trading on the daily chart shows an extension of the uptrend, but so far the cryptocurrency is consolidating around $44,390. The area of significant support is within the range of $42,029-$42,253. As long as sentiment holds steady, the market could target $45,501, a high for this week.
Given the high correlation between BTC and the Nasdaq index, the short-term outlook looks quite positive.