Bitcoin (BTC) challenged $31,000 again after the June 27 Wall Street open as traders hoped for upside continuation.
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).
Fidelity ETF Filing Fuels BTC Price Strength
The news of Fidelity’s ETF filing sent BTC price surging to a high of $31,120 on June 27. The move was seen as a major positive for the Bitcoin ecosystem, as it would make it easier for institutional investors to gain exposure to the cryptocurrency.
“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.
BTC Price Action Holds Above $30K
Despite the initial surge, BTC price action has since pulled back to around $30,500. However, the overall trend remains bullish, and traders are optimistic that the cryptocurrency will continue to grind higher in the coming days.
“I think we’re going to see a lot of buying pressure coming in,” trader and analyst Justin Bennett said in a recent YouTube video. “I think we’re going to see a lot of institutional money coming in, and I think we’re going to see a lot of retail money coming in.”
Technical Analysis Suggests BTC Price Could Test $35K
Technical analysis also supports the bullish outlook for BTC price. The cryptocurrency is currently trading above the 200-day moving average, which is a bullish indicator. Additionally, the MACD indicator is bullish, and the RSI indicator is in the overbought zone.
Overall, the technical analysis suggests that BTC price could test $35,000 in the coming weeks.
What Factors Could Drive BTC Price Higher?
There are a number of factors that could drive BTC price higher in the coming weeks. These include:
The launch of Fidelity’s ETF
Continued institutional adoption of Bitcoin
Positive news about the cryptocurrency ecosystem
A broader bull market in the financial markets
Conclusion
The outlook for BTC price is bullish in the short-term. The cryptocurrency is currently trading above key support levels, and technical analysis suggests that it could test $35,000 in the coming weeks. Additionally, there are a number of factors that could drive BTC price higher, such as the launch of Fidelity’s ETF and continued institutional adoption of Bitcoin.
In the long-term, the outlook for BTC price is even more bullish. The cryptocurrency has a limited supply and is becoming increasingly scarce, which could drive its price higher over time. Additionally, Bitcoin is becoming increasingly accepted as a legitimate form of currency, which could further drive its adoption and price appreciation.
Overall, the outlook for BTC price is very bullish. The cryptocurrency is currently in a strong uptrend, and there are a number of factors that could drive its price higher in the coming weeks and months.
