Bitcoin bulls grill $31k as Fidelity ETF movement fuels BTC price strength

Bitcoin (BTC) challenged $31,000 again after the Wall Street open on June 27 as traders hoped the bullish trend would continue.

Returns $31,000 amid Fidelity Bitcoin ETF rumor

Data from Cointelegraph Markets Pro and TradingView It showed BTC price action heading higher after holding the $30,000 support.

The start of trading in the US saw fresh positive news, as asset manager Fidelity Investments has reportedly prepared to file for the launch of a Bitcoin spot exchange-traded fund (ETF).

“First it happens slowly, and then it happens all at once,” says financial commentator Tedlaxmacro. books In part of the reaction, he pointed to existing ETF plans from the largest global asset manager BlackRock and others.

Despite not repeating the quick gains seen last week, the BTC/USD pair has maintained the majority of its advance, with commentators hoping the bulls will come through.

“Bitcoin refuses to drop below $30,000 again,” noted trader Gill summary Per day.

“Looks like this is going to be one of those times when it’s ‘holding below resistance to the upside.’ Flip $30-32K and all bets are off.”

Gilly added that while he’s prepared for a dip, he’s “not very confident” that that will happen.

Fellow Crypto trader Tony inquired about the strength of today’s rally, however Repeat calls for $32,000 afterward.

“Consolidation was expected here,” said trader and analyst Josh Rager added In part from a post on Twitter.

“If the price is able to go and test the level from $32k to $33k and stay there, then there is a chance of a immediate move to $38k in the coming weeks.”

Coinbase stock rebound sets the tone

Bitcoin thus branched out from altcoins in the daily timeframes, with mostly settling on the top ten cryptocurrencies by market cap.

Related: BTC Price Meter Warns Bitcoin Speculators Could Sell Over $33K

Another ETF-related success story concerned Coinbase stock on the US Stock Exchange, which added 4% at the open to reach a one-month high.

Despite legal pressure from US regulators, Coinbase’s role in the BlackRock ETF has continued to reverse its fortunes.

“What is good for $COIN is good for BTC and vice versa,” Tedtalksmacro argue yesterday.

“Following the news that Coinbase will be the custodian of BTC for the world’s largest asset manager, should the spot ETF be approved… it is hard to imagine Coinbase testing anywhere near those lows in the near future.”

magazine: Gary Gensler’s Job at Risk, BlackRock’s First Bitcoin ETF, and Other News: Hodler’s Digest, June 11-17

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.