Home » Bitcoin bulls grill $31,000 as Fidelity ETF move drives BTC price strength

Bitcoin bulls grill $31,000 as Fidelity ETF move drives BTC price strength

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Bitcoin (BTC) challenged $31,000 again after Wall Street opened on June 27 as traders hoped for a continuation of the rally.

BTC/USD 1 hour chart. Source: TradingView

$31,000 Returns Amid Fidelity Bitcoin ETF Rumors

Data from Cointelegraph Markets Pro and TradingView showed that the price of BTC was higher afterwards holding $30,000 support.

The start of trading in the US brought new positive news as asset manager Fidelity Investments reportedly prepared an application to launch its exchange-traded fund (ETF) based on spot bitcoin.

“It happens slowly at first, then suddenly,” finance commentator Tedtalksmacro he wrote in the response section, referring to existing ETF plans from the largest global asset manager, BlackRock and more.

Despite yet to repeat last week’s rapid gains, BTC/USD held on to most of its gains and commentators were hopeful that the bulls would pass.

“Bitcoin refuses to drop below $30,000,” popular trader Jelle in summary on that day.

“Looks like this is going to be one of those ‘consolidation under resistance is bullish’ moments. Flip $30-$32 and all bets are off.”

Jelle added that while he was prepared for a downturn, he wasn’t “too confident” it would happen.

Fellow Crypto trader Tony asked about the strength of today’s rise, though recurring calls further for $32,000.

“Consolidation was to be expected here,” trader and analyst Josh Rager he added in the Twitter post section.

“If the price can go and test the $32,000 to $33,000 level and hold there, there is a chance we will teleport to $38,000 and above in the coming weeks.”

BTC/USD Commented Chart. Source: Josh Rager/Twitter

Coinbase’s stock bounce sets the tone

Bitcoin branched out to leave altcoins behind on daily time frames, with the top ten cryptocurrencies by market cap mostly flat.

Related: BTC price metric warns that Bitcoin speculators may sell more than $33k

Another ETF-related success story involved shares of US exchange Coinbase, which added 4% at the open and hit monthly highs.

Despite legal pressure from US 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 he argued Day before.

“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’s hard to imagine Coinbase testing anywhere near these lows in the near future.”

Bitcoin vs Stock Comparison Chart Coinbase. Source: Tedtalksmacro/Twitter

Magazine: Gary Gensler’s job in jeopardy, BlackRock’s first spot Bitcoin ETF and more news: Hodler’s Digest, 11-17

This article does not contain investment advice or recommendations. Every investment and trading step involves risk and readers should do their own research when making decisions.