---
title: "Bitcoin bulls grill $31K as Fidelity ETF move fuels BTC price strength"
url: https://diffcoin.com/bitcoin-bulls-grill-31k-as-fidelity-etf-move-fuels-btc-price-strength/
description: "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:…"
published: 2023-06-27
updated: 2023-06-27
author: "Mila"
site: "Diffcoin"
---

# 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.

*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](https://twitter.com/tedtalksmacro/status/1673694849873113090) 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](https://twitter.com/CryptoJelleNL/status/1673603409960738817) 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](https://twitter.com/CryptoTony__/status/1673644162451746816) for $32,000 next.

“Consolidation was to be expected here,” trader and analyst Josh Rager [added](https://twitter.com/Rager/status/1673686867957489666/photo/1) 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](https://twitter.com/tedtalksmacro/status/1673337148743864320) 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](https://cointelegraph.com/magazine/gary-genslers-job-at-risk-blackrocks-first-spot-bitcoin-etf-hodlers-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.

[Source link](https://cointelegraph.com/news/bitcoin-bulls-grill-31k-fidelity-etf-btc-price)