Bitcoin’s price is getting stronger as Fidelity’s ETF move is supporting the bulls who are pushing for it to reach $31K.
Bitcoin (BTC) approached $31,000 again after the opening of Wall Street on June 27 as traders were hopeful for a continuation of upward movement.
$31,000 returns amid Fidelity Bitcoin ETF rumor
Data from Cointelegraph Markets Pro and TradingView showed that the BTC price started to edge higher after holding the $30,000 support.
Asset manager Fidelity Investments reportedly prepared a filing to launch its Bitcoin spot-based exchange-traded fund (ETF), which brought fresh positive news at the start of U.S. trading.
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“First it happens slowly, then all at once,” financial commentator Tedtalksmacro wrote in a reaction, referring to existing ETF plans from the largest global asset manager BlackRock and others.
BTC/USD preserved the majority of its progress despite not yet repeating the rapid gains seen last week, with commentators hopeful that bulls would come through.
“Bitcoin refuses to dip back below $30k,” popular trader Jelle summarized on the day.
“Looks like this will be one of those times where ‘consolidation below resistance is bullish.’ Flip $30-$32k and all bets are off.”
While fellow trader Crypto Tony queried the strength of the day’s uptick, he nonetheless repeated calls for $32,000 next.
“Consolidation was to be expected here,” trader and analyst Josh Rager added in a Twitter post.
“If the price can go and test the $32k to $33k level and hold there, there is a chance we teleport to $38k+ over the coming weeks.”
Coinbase stock rebound sets the tone
Bitcoin thus branched out to leave altcoins behind on daily timeframes, with the top ten cryptocurrencies by market cap mostly flat.
Related: BTC price metric warns that Bitcoin speculators may sell past $33K
The stock of U.S. exchange Coinbase added 4% at the open to hit one-month highs, despite legal pressure from U.S. regulators. Coinbase’s role in the BlackRock ETF continued to reverse its fortunes.
“What’s good for $COIN is good for BTC and vice-versa,” Tedtalksmacro argued the day prior.
“Following news that Coinbase will be the BTC custodian for the world’s largest asset manager, in the case a spot ETF is approved… it’s hard to imagine Coinbase testing anywhere near those lows in the near future.”
Magazine: Gary Gensler’s job at risk, BlackRock’s first spot Bitcoin ETF and other news: Hodler’s Digest, June 11–17