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Bitcoin (BTC) challenged $31,000 again after the June 27 Wall Street open as traders hoped for upside continuation.

$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 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.

After a failed rally above $31,000 on June 23, Bitcoin (BTC) has sustained the $30,300 resistance for the past three days. Curiously, this happened while gold reached its lowest level in three months, trading at $1,910 on June 22, down from a $2,050 peak in early May.

Investors now question how solid Bitcoin’s $30,000 support is. So analyzing what caused the recent price rally is essential to understanding how traders are positioned on BTC margin and futures markets.

Why did BTC price break above $30,000? 

Some analysts attribute Bitcoin’s recent 21.5% gains in 11 days to BlackRock’s spot Bitcoin exchange-traded fund (ETF) filing. But other events might have fueled the cryptocurrency gains. For instance, on June 26, HSBC Bank in Hong Kong reportedly introduced its first local cryptocurrency services using three listed crypto ETFs.

Moreover, the ProShares Bitcoin Strategy ETF, a Bitcoin futures fund, experienced its largest weekly inflow in a year at $65 million, with its assets topping $1 billion. It was the first BTC-linked ETF in the United States and is one of the most popular among institutional investors.

But, more importantly, the U.S. crypto regulatory environment may be improving after a period marked by enforcement actions from the Securities and Exchange Commission (SEC) aimed at exchanges supposedly operating as unregistered securities brokers.

Bitcoin (BTC) may see a “market correction” should BTC price action go much beyond $33,000, research warns.

In the latest edition of its weekly newsletter, The Week On-Chain, analytics firm Glassnode flagged speculative selling risk on the horizon.

Bitcoin speculator profits average 12%

Bitcoin short-term holders (STHs) — the more speculative BTC investors — have returned to the spotlight this year.

Recently, their aggregate cost basis appeared to form wider BTC price support near $26,000. For Glassnode, which observed the cost basis’ significance in recent weeks, the opposite effect could soon appear.

As part of its coverage of short-term and long-term holder (LTH) activity, researchers highlighted levels at which speculators should take profit en masse.