The world's largest investment management company, BlackRock is reportedly considering dealing with Bitcoin. According to the Financial News London report, a New York asset manager has set up a working group that explores how to use cryptocurrency and Blockchain technology, and monitors the activity of rivals in this space.
Quoting sources that are close to this case, the article says that the working group consists of different departments from BlackRock and the group is looking at the possibilities of the Bitcoin ETF fund. Shortly after this news, Bitcoin's price rose sharply from $ 6,360 to $ 6,646 in just two hours - more than $ 280.
While BlackRock only confessed to the overall investigation of Blockchain technology, it would not have been a surprise if the company took over Bitcoin futures.
In the past, the company's president, Larry Fink, spoke positively about the cryptocurrencies, saying in October 2017 that he was a "big believer" in Bitcoin, although he also warned that this was "an indicator for money laundering".
In February, the company said that it sees a wider role of cryptocurrencies in the future and that Blockchain, despite some obstacles, is promising: "It is possible that cryptocurrencies may be increasingly used in the future as the market matures, but now we believe that they should be taken into account only by those who can bear total losses. Similarly, Blockchain must overcome serious obstacles to achieve a promising future" - said at the time Richard Turnill, the chief investment strategist.
BlackRock is currently the largest asset management company in the world, valued at $ 6.3 trillion, according to December 2017 data.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The spike went up to the level of $6,706 which is the first weekly pivot resistance and was capped there at the moment of writing this article. Nevertheless, the key technical resistance is still seen at the level of $6,809 and despite this news, the bulls are still weak to break through it. The nearest technical support is seen at the level of $6,379. The positive and strong momentum support the short-term upward correction towards the mentioned target levels and above.
