▫️#BTC (Four-hour chart). Bitcoin continues its upward momentum. On the rising impulse, the price broke through the upper line of the Bollinger Bands indicator, indicating the strength of the buyers. At the moment, the asset managed to break through the VAH range of $29,500 — $65,500 and reach the middle of the ascending channel at the mark of $48,100. However, sellers soon returned the asset below the important resistance level around $47,400. Securing above this mark will lead to a renewal of the annual maximum.
In the near term, I expect the instrument to consolidate above the lower boundary of the trading channel. After which, Bitcoin will again head for the assault on the VAH range of $29,500 — $65,500. Trading above the trading level of $47,400 will be a pledge for the development of an upward movement to the upper boundary of the ascending channel — $50,500.
▫️#ETH. The asset managed to overcome local resistance at around $2,465, and the instrument continued its rise to the mark of $2,525. Now, Ethereum faces a test of the previously overcome resistance level ($2,465).
▫️BlackRock, the world’s largest investment company, plans to increase the share of bitcoins in its investment portfolio (1). According to the company’s official website, the recently released spot Bitcoin ETF by BlackRock manages assets in #BTC amounting to $3.93 billion.
The investment director believes that the growing popularity of bitcoin indicates its potential value in the long term. He thinks that the use of instruments such as cryptocurrency funds will ultimately contribute to wider adoption of #BTC.
Investments in bitcoin-based exchange-traded funds remain at a level of positive inflow. As of February 9th, the spot Bitcoin ETF from BlackRock received $250.7 million. Inflows into the Fidelity fund amounted to $188.4 million. Meanwhile, the outflow from the Grayscale ETF was only $51.2 million.
I think that BlackRock’s statement about plans to increase the share of bitcoins in its investment portfolio is significant for the cryptocurrency industry. The company’s actions will stimulate other investment funds and asset managers to join the trend. In turn, the ongoing inflow into spot Bitcoin ETFs indicates the continuing interest of large investors in the first cryptocurrency. This may lead to further expansion of institutional investor participation in the cryptocurrency market and increase its legitimacy in the eyes of the financial community.
▫️Alts: the announcement of the upcoming release of the new product PaalX by the PAAL AI platform (#PAAL) caused a 40% increase in #PAAL (to #USDT).
Following a partnership concluded with the media agency FRONTIER, the value of PLAYA3ULL GAMES (#3ULL) increased by 30% (to #USDT).
The listing of the AIgentX token (#AIX) on the MEXC exchange led to an 18% appreciation of #AIX (to #USDT).
▫️The US stock market ended trading on Friday mixed due to the strengthening of the technology, consumer services, and utilities sectors. The course of the stock indexes was influenced by the negative dynamics in the oil and gas, consumer goods, and healthcare sectors. At the close on the New York Stock Exchange, the Dow Jones fell by 0.14%, the S&P 500 index rose by 0.57%, and the NASDAQ Composite index went up by 1.25%.
▫️The market capitalization of the cryptocurrency market grew by 1.95% over the last 24 hours, with Bitcoin’s dominance remaining at the previous level. Just yesterday, more than $540 million worth of spot Bitcoin ETFs were purchased (2). Such dynamics indicate the development of an upward trend and the imminent renewal of local price maximums.