Bitcoin’s market value is once again inching towards the $31,000 mark, as traders anticipate an upward trend in the Bitcoin (BTC) price in the coming days. Bitcoin, currently valued at $30,583, took another stab at crossing the $31,000 barrier after the Wall Street market opening on June 27, giving traders hope for positive momentum.
This positive market movement is buoyed by rumors of Fidelity Investments’ preparations for launching a spot-based Bitcoin exchange-traded fund (ETF). Data from Cointelegraph Markets Pro and TradingView supports the upward trend, showing Bitcoin’s value steadily increasing while maintaining support at $30,000.
Financial analyst Tedtalksmacro commented on this trend, referencing plans for ETFs by major global asset managers such as BlackRock and others: “First it happens slowly, then all at once,” he said.
Even though Bitcoin hasn’t yet matched the swift gains experienced last week, it has managed to hold onto the bulk of its upward progress. Market watchers like trader Jelle are optimistic about the potential for a bullish market. “Bitcoin refuses to dip back below $30k,” Jelle observed, adding, “Flip $30-$32k and all bets are off.”
While Jelle admitted the possibility of a dip, he wasn’t entirely confident about it happening. Analyst Josh Rager chimed in, predicting a potential surge if Bitcoin can hold its ground in the $32k to $33k range. He suggested that this could lead to a rapid increase to $38k or more over the next few weeks.
In the meantime, Bitcoin is outperforming the top 10 altcoins in daily metrics. Separately, the stock value of Coinbase, a leading U.S. exchange, increased by 4% at the open to reach a one-month high, thanks to another ETF-related success story.
Despite facing legal challenges from U.S. regulators, the news of Coinbase’s role in BlackRock’s ETF continues to buoy its market fortunes. “What’s good for $COIN is good for BTC and vice-versa,” commented Tedtalksmacro, highlighting the mutually beneficial relationship between the exchange and the cryptocurrency.
This performance trend in the Bitcoin market, combined with a likely increase in ETFs, is expected to continue providing a supportive environment for Bitcoin’s value to grow, barring any unforeseen disruptions.