Bitcoin’s price has once again challenged the $31,000 mark on June 27 after holding steady at $30,000 support. The rise in BTC’s price was fueled by the news that asset manager Fidelity Investments is preparing to launch its Bitcoin spot-based exchange-traded fund (ETF), which helped maintain the majority of its recent progress. While it did not repeat the rapid gains seen last week, traders are hopeful that the bullish trend will continue.
Analysts and traders believe that if BTC can flip the $30-$32k resistance level, then the sky’s the limit for further gains. Despite some consolidation, Josh Rager, a trader and analyst, remains optimistic that BTC could reach $38k+ if it tests the $32k to $33k levels and holds there.
Meanwhile, Coinbase, the largest U.S. cryptocurrency exchange, saw its stock prices rebound by 4% following the announcement that it would be the Bitcoin custodian for the world’s largest asset manager, BlackRock, in case a spot ETF is approved. This news could reverse Coinbase’s fortunes despite legal pressures from U.S. regulators.
It’s worth noting that this article does not contain investment advice or recommendations, and every investment and trading move carries risks. Readers should conduct their own research when making any decision related to investments.
Summary
Bitcoin’s recent surge is fueled by the rumor of Fidelity’s ETF, and traders remain bullish about its potential. The success of Coinbase’s involvement in BlackRock’s ETF also bodes well for Bitcoin’s future.