Bitcoin bulls grill $31K as Fidelity ETF move fuels BTC price strength
Bitcoin (BTC) challenged $31,000 again after the June 27 Wall Street open as traders hoped for upside continuation.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action edging higher after holding $30,000 support.
The start of U.S. trading saw fresh positive news as asset manager Fidelity Investments reportedly prepared a filing to launch its Bitcoin spot-based exchange-traded fund (ETF).
"First it happens slowly, then all at once," financial commentator Tedtalksmacro wrote in part of a reaction, referring to existing ETF plans from largest global asset manager BlackRock and others.
Despite not yet repeating the rapid gains seen last week, BTC/USD preserved the majority of its progress, with commentators hopeful that bulls would come through.
“Bitcoin refuses to dip back below $30k,” popular trader Jelle summarized on the day.
Jelle added that although he was prepared for a dip lower, he was “not very confident” that it would happen.
Fellow trader Crypto Tony queried the strength of the day’s uptick, while nonetheless repeating calls for $32,000 next.
“Consolidation was to be expected here,” trader and analyst Josh Rager added in part of a Twitter post.
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
Another ETF-related success story concerned the stock of U.S. exchange Coinbase, which 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.
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