Bitcoin and cryptocurrencies sustain gains amid news from Apple, BlackRock...

The cryptocurrency market is holding on to most of its gains achieved during recent sessions on Thursday, as Bitcoin's rally appears to have stalled at the $45,000 resistance. The digital currency par excellence reached this area on February 8th, when it recorded highs of more than a month and has held since then, consolidating the recent advance and leaving rising highs at the close. Specifically, on Wednesday, February 9th, it ended the day at $44,400, although it has since then retreated towards $43,800.

A number of factors are buoying investors, who are trying to put the January meltdown behind them, when, according to BofA (Bank of America), the market value of digital assets fell 20% to $1.8 trillion. First of all, some regulatory threats that loomed over these assets have dissipated after the tax regulation presented by India and Russia's decision to regulate operations with 'crypto' assets, instead of banning them.

On the other hand, several developments that have taken place in the corporate world send good feelings to investors who are much more optimistic. Recent news that KPMG Canada will add Bitcoin to its treasury, that Apple has announced a feature for its iPhones that allows payments with Bitcoin and e-currencies, and that BlackRock is considering entering the cryptomarket all serve to underpin the gains.

This latest development echoed by 'CoinDesk' "is the biggest positive news for Bitcoin adoption," noted Naeem Aslam, head of analytics at AvaTrade. "There is no doubt that for some, Bitcoin is a great asset to speculate on, and trading this token is the perfect vehicle for that. For others, it is the future, and on this front, we have learned that bitcoin is becoming legal in Russia," the expert stated. "These are gigantic developments and, looking at the price action, it looks like the rally is about to begin, and that could push the crypto currency towards the $100,000 price level."

Moreover, despite the fact that Satoshi Nakamoto's creation has been behaving as a risk asset since July 2021, according to BofA, "the relationship with risk has become a bit disconnected over the past week, and Bitcoin appears to have gotten ahead of the rally in equity markets," noted Craig Erlam, an analyst at Oanda. "Risk appetite has improved this week, which has coincided with some profit-taking in Bitcoin. However, it remains promising and a break of $45,500 would be another major, bullish hurdle," he added.

From a technical analysis point of view, "after overcoming the resistance, formerly support, of $40,000 for Bitcoin futures, we can say that we have just witnessed the first sign of real strength since the corrective phase began in early November after setting all-time highs at $69,355. This movement has also led it to pierce the upper part of the short-term bearish channel," stated José María Rodríguez, technical analyst at Bolsamanía.

"If we believe the bearish channel broken to the upside, it should at least cover the width of the same. This projects it towards the area of approximately $48,000. In any case, there is still a lot of work to be done before we can think about a return to the all-time highs," he added.

ETHEREUM, TARGETING $3,400

As for the rest of the market, all tokens are in the green on Thursday, while the total capitalization is still struggling to consolidate the $2 trillion mark. The rises for ethereum (ETH), that yesterday extended its highs above $3,200, are noteworthy. The second most traded cryptocurrency in the market is now targeting the $3,400 and $3,600 resistance, according to technical analysis, after recovering almost 50% from January's lows.

Optimism has permeated investors after the Ethereum network unit Ether crossed $3,000. Crypto analyst Benjamin Cowen, quoted by 'Coingape', has predicted that ETH is setting up for a major breakout after a long-term consolidation. According to him, the area between $2,000 and $4,000 is a major rearrangement zone for a higher price track in the medium term.

Ethereum´s price is showing signs of bullish continuation on the daily chart, where it has overcome any challenges on its way to reach the $3,200 level. As the Ethereum price has successfully moved above the 50-day simple moving average and the bearish sloping line, investors are targeting the $3,600 level.