Bitcoin price overcame the level of $ 31,000 and froze in anticipation of the denouement

Earlier, the value of Bitcoin rose to a maximum of $31,371, the highest level since June 2022. Investors remained optimistic after BlackRoc re-applied for a spot Bitcoin (ETF), in response to criticism from the Securities and Exchange Commission.

Now BlackRock is choosing Coinbase to launch a spot Bitcoin ETF.

Will the price of Bitcoin be able to stay at the level of $ 31,000

Recall that the total capitalization of the cryptocurrency market over the past 24 hours increased by 0.36% to $ 1.21 trillion, and the market volume increased by 17.58% to $ 37.49 billion, according to CoinMarketCap. The prices of some other cryptocurrencies have risen after Bitcoin. The cost of Cardano (ADA) increased by 1.5%, Polygon (MATIC) by 3.4%.

Against the background of the increase in the price of cryptocurrencies, 26 thousand positions of traders totaling $66 million were liquidated on cryptocurrency exchanges during the day, 56% of them were short.

Meanwhile, addresses containing less than 1 BTC (so-called Bitcoin shrimps) are actively accumulating BTC. Monthly addresses gain more than 33.4 thousand coins. This is one of the largest savings made by Bitcoin shrimps. The total number of coins held by these holders has reached 1.33 million Bitcoins.

The main question is, will Bitcoin be able to stay at the level of 31,000, or will there be a correction?

While the price of Bitcoin is teetering on the verge of $ 31,000. If there is no bad news, it is likely that the value of Bitcoin will not only be able to maintain the support level of $ 31,000, but also try to overcome the $31,500 mark.

Bitcoin remains the main focus for investors amid annual highs

According to CoinShares, Bitcoin has been the main investment destination for institutional investors over the past two weeks. In the report, CoinShares head of research James Butterfill noted that over the past two weeks, Bitcoin-related products have received $310.6 million. While investor sentiment remains positive, which means that the Bitcoin exchange rate can maintain an uptrend.