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Crypto Industry News:
Canada's regulated 3iQ digital asset management fund recorded another huge milestone in the development of its public Bitcoin fund. On January 14, Bitcoin Fund (QBTC) 3iQ reached $ 1 billion in market capitalization.
Breaking this magic barrier shows parabolic growth in QBTC following the fund's launch for Q3 in April 2020. QBTC is now up 900% from the previous $ 100 million threshold recorded in October 2020.
QBTC 3iQ is the first public Bitcoin mutual fund in Canada to be listed on the Toronto Stock Exchange. The Gemini Cameron and Tyler Winklevoss exchange provides fiduciary services to QBTC 3iQ, providing support for the purchase and sale of cryptocurrency.
3iQ is one of the largest cryptocurrency companies in Canada. In January 2018, the company became the first crypto fund regulated by the Ontario Securities Commission and Canadian securities administrators. In February 2020, 3iQ also partnered with the Mavennet blockchain start-up to release a Canadian dollar tied stablecoin that will be regulated by the Canada Transaction Analysis and Financial Reporting Center.
Technical Market Outlook:
There were no dynamic moves on the BTC/USD market and this pair keeps trading under the short-term trend line resistance (market gold in the chart). This means the market is still consolidating in the narrow range located between the levels of $36,00 - $37,000. Any violation of any of this levels would meant the up trend continuation or deeper corrective cycle towards $27,000. On the other hand, any trend line breakout and violation of the level of $37,000 will be the trigger for bulls to continue the bounce towards the level of $39,000.
The momentum indicator remains neutral, but the longer time frame up trend is intact.
Weekly Pivot Points:
WR3 - $50,241
WR2 - $45,262
WR1 - $41,218
Weekly Pivot - $35,725
WS1 - $31,875
WS2 - $26,553
WS3 - #22,402
Trading Recommendations:
Bitcoin made another ATH and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $50,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $20,000 is clearly broken.
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