Bitcoin (BTC) bulls pushed the world’s largest cryptocurrency above US$31,000 again in this morning’s Asia trading session, marking the second such occurrence in the space of a week.
The BTC/USDT pair hit a peak of US$31,282 before correcting back to US$30,820 at the time of writing, still a fair ways above the 30k resistance point.
With Binance’s order book appearing fairly balanced between buy and sell orders, could bitcoin’s new range be the 30k to 31k channel?
Bitcoin (BTC) retreats below 31k – Source: currency.com
Big Money remains the primary bullish motivator right now, with yet another major financial institution entering the bitcoin spot ETF arms race.
Joining the world’s largest asset manager BlackRock (NYSE:BLK), Fidelity Investments has signalled its intent by filing a spot bitcoin ETF application to the US Securities and Exchange Commission (SEC).
Cathie Wood’s ARK Investment Management, WisdomTree, Valkyrie and Bitwise have done similar.
This isn’t the first spot bitcoin ETF rodeo, but it certainly feels like this push has the momentum to get approval across the line.
Whether it be through Fidelity, BlackRock or Wood, an SEC approval of a spot bitcoin ETF has the potential to open up a new world of possibilities for Big Money bets on bitcoin.
It should be noted that post-approval, the process would still be a drawn-out one, but the potential for a sentiment-led rally is high.
Over to Ethereum (ETH), the world’s second-largest cryptocurrency is currently changing hands at US$1,884, following a bullish Thursday session and a 1.8% upswing this morning.
Looking back across the week, ETH underperformed against BTC, adding 0.2% compared to 2.7%.
Indeed, bitcoin’s dominance of the broader cryptocurrency market continues to strengthen in the medium term, though at 51.8%, this is slightly down from over 52% yesterday.
Global cryptocurrency market capitalisation currently stands at US$1.19tn, up around 1.7% week on week.
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