Bitcoin (BTC) once again challenged $31,000 after Wall Street opened on June 27, as traders looked for continued gains.
Fidelity Bitcoin ETF Rumored to Return $31,000
Data from Cointelegraph Markets Pro and transaction view Showing that BTC price action is edging higher after holding the $30,000 support level.
New positive news emerged as U.S. trading began, after asset manager Fidelity Investments was reported to be preparing a document to launch its bitcoin spot-based exchange-traded fund (ETF).
“First it happened slowly, then suddenly,” financial commentator Ted talks macro wrote As part of the response, it refers to existing ETF programs at BlackRock, the world’s largest asset manager, and others.
While yet to repeat last week’s rapid gains, BTC/USD has retained most of its gains, with commentators hopeful that the bulls will pull through.
“Bitcoin refuses to drop back below $30,000,” popular trader Jelle Summarize that day.
“Looks like this will be one of those ‘consolidation bullish below resistance’ periods.” Flip $30-$32,000 and all bets are off. “
Yeller added that while he was bracing for a drop, he was “not too confident” that it would happen.
Fellow trader Crypto Tony questioned the strength of the day’s gains, but nonetheless repeat call Next up is $32,000.
“A consolidation is expected,” said trader and analyst Josh Rager. Add to Part of a Twitter post.
“If prices can test the $32,000 to $33,000 level and hold there, we have the chance to move above $38,000 in the next few weeks.”
Coinbase share price rebound sets tone
As a result, Bitcoin left altcoins behind on the daily time frame, with the top 10 cryptocurrencies by market capitalization mostly flat.
Related: BTC price indicator warns Bitcoin speculators could sell past $33,000
Another ETF-related success involved shares of U.S. exchange Coinbase, which opened 4% higher to hit a one-month high.
Coinbase’s role in the BlackRock ETF continues to reverse its fortunes despite legal pressure from U.S. regulators.
“What’s good for $COIN is also good for BTC and vice versa.” Tedtalksmacro debate the day before.
“With news that Coinbase will become the BTC custodian for the world’s largest asset manager if the spot ETF is approved…it’s hard to imagine Coinbase testing anywhere near these lows in the near future.”
This article does not contain investment advice or recommendations. Every investment and transaction involves risk, and readers should do their own research when making a decision.
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