In recent weeks, the world’s leading financial companies have applied for spot Bitcoin ETFs, fueling the rally in Bitcoin and altcoins.
BTC bulls are attempting to surpass the next target of $32,000 as they break $31,000.
While technical indicators point to the rise in Bitcoin, experts also think that a daily close above $31,000 is important to keep Bitcoin’s uptrend stable.
In this context, experts stated that if BTC maintains an important support of $ 31,000, investors will continue to buy Bitcoin, which means that the rise will continue.
Evaluating the rise in Bitcoin, popular data platform Santiment said that investor confidence has increased significantly and investors continue to accumulate BTC.
However, Santiment warned that this could mean a fix.
“Bitcoin is attempting to break $31,300 as it shows signs of confidence and more accumulation by investors.
In BTC, the profits of investors are a little high. That means there might be a cooling off.”
😮 #Bitcoin is making a run at breaking $31.3k as key stakeholders show confidence and more accumulation signs. Trader profits for $BTC are a bit on the high end, which implies there could be a cooldown. #Altcoins like $UNI & $SHIB have tremendous #FUD. https://t.co/1bIwnEMpl2 pic.twitter.com/EjmyE9UG0f
— Santiment (@santimentfeed) July 3, 2023
While Santiment warns of Bitcoin, investors expect BTC to break above $32,000.
At this point, BTC breaking $32,000 may be a sign that Bitcoin will continue to rise.
Experts said that a break above $32,000 could open the way for BTC to $38,000, while a possible break below $31,000 means the bulls have admitted defeat and the bears could push Bitcoin price below $30,000.
Bitcoin continues to be traded at $31,000 at the time of writing.