Bitcoin bulls grill $31K as Fidelity ETF move fuels BTC price strength

Renewed optimism pushed Bitcoin (BTC) over the $31,000 price point during trading on June 27​​​​. According to Cointelegraph Markets Pro and TradingView, BTC price action was buoyed after a strong showing at the $30,000 mark. Overnight, the buzz of an impending filing from U.S. asset manager Fidelity Investmentrumor translated into a firmer starting point than expected for the day’s transactions.

“First it happens slowly, then all at once,” economic analyst Tedtalksmacro commented the day before the news, alluding to reports that BlackRock and others looking take the plunge into ETFs. Video prices up around the world highlighted the ascendancy of Bitcoin, while Bitcoin futures and altcoins traded mostly flat. Thus BTC saw maximum growth for the day within a narrow band around $31,000, keeping tension high among traders.

Gregarious trader Jelle heightened speculation, citing an unexpected rate of price resistance – saying he was “not very confident” of hopes for a price decline – concurrently with questions by Crypto Tony about sustainability of the bullish streak. ET trader Guy Rager, inspired optimism, stating that BTC’s consolidation represented “to be expected” behavior in light current influx of ETF news. Speculators calculated that the fledgling high-organization Coinbase stock experienced positive influence upon the increase in its market cap amid resistance from U.S. regulators.

As anticipation for increased price soared, so did the talk about Gary Genlser’s job security threats and BlackRock debuting its first spot Bitcoin ETF, as described in Newsweek’s July 11–17 edition – “Hodlers Digest” – opening up all sorts of doors. Bitcoin trading trends became an eagerly waiting game, although as always, nobody could be sure where speculations would lead in this uncharted terrain.

Robert Wilson author
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