Bitcoin price pushes past $31,000 as analysts eye further gains

Bitcoin's price pushed past $31,000 on Monday after a volatile week of trading marked by news about filings for spot ETF funds and speculation about whether or not the U.S. Securities and Exchange Commission would approve them.

The world's largest cryptocurrency by market capitalization rose 1.6% to $31,011 at 12:00 p.m. in New York, according to CoinGecko. That's just short of the level that would take it past the highest point seen in more than a year.

While jitters on Friday in the wake of a report that the SEC didn't find several initial ETF filings complete enough sent bitcoin diving, the Cboe exchange quickly refiled forms late that evening. Despite fears about further headline risk, momentum toward $40,000 should be "quite easy to reach," Ivo Georgiev, CEO of Ambire Wallet, told The Block.

Nexo co-founder Antoni Trenchev, meanwhile, thinks that $32,000 is the next resistance level, after which bitcoin could surge further. He pointed out that July is usually a good month for the digital asset.

"It’s easy to forget that bitcoin started the year battered and bruised after the collapse of FTX and yet here we are at the start of July sitting on a gain of 80% plus," he said.

Bitcoin still faces ongoing concerns about inflation

However, he conceded that uncertain macroeconomic and inflationary conditions, coupled with a seemingly hawkish Fed, could create short-term resistance.

"If the SEC doesn’t get round to approving one of these spot Bitcoin ETFs, that would no doubt cause more than a ripple in the crypto pond," he added.

Trenchev contrasted the performance of bitcoin with the majority of the altcoin market, stating that "bitcoin has surpassed its April high whereas the altcoin market is 20% below its April levels and 70% below the 2021 highs."

He said altcoins are still facing questions as to whether or not they qualify as securities for regulatory purposes, an issue that should last at least through the end of the year.

"Bitcoin doesn’t have to worry about such matters," he said. "It's resilience and clout set it apart as it embarks on the new month and quarter."