Fidelity ETF Boosts Bitcoin Price Momentum as Bulls Push Past $31K

Bitcoin Breaks Through $31K Resistance Again as Traders Anticipate Positive Momentum

Bitcoin (BTC) made another significant move towards the $31,000 mark, with traders expecting further upside potential in the days ahead.

On June 27, Bitcoin challenged the $31,000 level once more, showing an upward trend after finding support at $30,000.

The start of the US trading session brought positive news as asset management firm Fidelity Investments reportedly prepared a filing to launch a Bitcoin spot-based exchange-traded fund (ETF). This development, combined with similar plans from major global asset manager BlackRock and others, prompted financial commentator Tedtalksmacro to note the gradual but inevitable progress of the ETF sector.

Despite not replicating the rapid gains witnessed last week, BTC/USD maintained most of its progress, leading analysts to express optimism about the potential for further bullish momentum. Popular trader Jelle highlighted the resilience of Bitcoin, stating that if the price could flip between $30,000 and $32,000, it would signal a shift in the market.

While some traders remained cautious, others, such as Crypto Tony, emphasized the possibility of Bitcoin reaching $32,000 in the near future.

Coinbase, the US-based exchange, also experienced positive market activity, as its stock rose by 4% to reach one-month highs. The exchange’s involvement in the BlackRock ETF venture has contributed to its recent reversal of fortune despite ongoing legal challenges from US regulators.

The correlation between Coinbase’s success and that of Bitcoin was underscored by Tedtalksmacro, who argued that Coinbase’s role as a BTC custodian for the world’s largest asset manager would have a positive impact on both entities. This development has generated optimism that Coinbase’s stock will continue to perform well in the near future.

Overall, Bitcoin’s ability to surpass the $31,000 resistance level once again has reignited trader enthusiasm, paving the way for potential further gains in the coming weeks.