- The cryptocurrency market saw a slight uptrend in prices on Tuesday after reports circulated that Fidelity is preparing to file for a spot Bitcoin exchange-traded fund in the immediate future, becoming the fifth firm to do so since BlackRock filed its paperwork on June 15.
Data provided by TradingView shows that Bitcoin’s price spiked from $30,405 in the morning to a daily high of $31,082 shortly after the Fidelity story emerged, and has since pulled back to support at $30,800, where bulls now look to gather reinforcements for a run at the $31,200 resistance level.The ongoing positive developments for BTC resulted in July Bitcoin futures prices trading firmer in the early hours on Tuesday, according to Kitco senior technical analyst Jim Wyckoff.
“BTC traded around the $30,000 level in the last five days, also reaching the highest year-to-date price of about $31,500 during the trading session on Friday,” Greco said. “More important, it is the first time since February 2022 that BTC shows a positive delta on the year-on-year price metric.” For now, BTC is leading the market uptrend, Greco said, citing the rising Bitcoin dominance, which recently hit a high of 51.5%. “This represents a steep increase from 49.70% at the end of the last week and 42.10% at the beginning of the year,” he said. “This data, combined with the low trading volume during 2023, confirms the trend of a less speculative environment during the last few months.
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