Bitcoin bulls grill $31K as Fidelity ETF move fuels BTC price strength
2023.06.27 11:51
Bitcoin (BTC) challenged $31,000 again after the June 27 Wall Street open as traders hoped for upside continuation.
BTC/USD 1-hour chart. Source: TradingView
$31,000 returns amid Fidelity Bitcoin ETF rumor
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.
“Looks like this will be one of those times where ‘consolidation below resistance is bullish.’ Flip $30-$32k and all bets are off.”
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.
“If price can go and test the $32k to $33k level and hold there, a chance we teleport to $38k+ over the coming weeks.”
BTC/USD annotated chart. Source: Josh Rager/Twitter
Coinbase stock rebound sets the tone
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.
“Following news that Coinbase will be the BTC custodian for the world’s largest asset manager, in the case a spot ETF is approved… it’s hard to imagine Coinbase testing anywhere near those lows in the near future.”
Bitcoin vs. Coinbase stock comparative chart. Source: Tedtalksmacro/Twitter
Magazine: Gary Gensler’s job at risk, BlackRock’s first spot Bitcoin ETF and other news: Hodler’s Digest, June 11–17
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
