Bitcoin edges close to $31,000 during the last session of a very positive June

Cryptocurrencies face Friday with a positive sentiment, although some doubts still remain. Bitcoin (BTC) has risen more than 1% in the last 24 hours and is around $30,700, while Ethereum (ETH) has soared more than 2% and is close to $1,890.

Craig Erlam, senior market analyst at OANDA, noted that the reigning cryptocurrency "remains in consolidation between $30,000 and $31,000" after rising more than 20% in the past two weeks driven by the multitude of applications to set up Bitcoin spot ETFs, most notably BlackRock's.

"It hasn't all been favourable recently, of course, but perhaps the ETF filings are viewed as a more significant development than the SEC charges which could ultimately prove to be a positive if it creates some much needed clarity on the regulatory landscape," the expert added.

The market continues to take the SEC's progress on Binance and Coinbase very seriously. Today, on Friday, we learned that the trial between the regulator and Coinbase will begin on July 13. Likewise, the SEC will have to respond to the allegations of the company led by Brian Armstrong, which argues that the markets supervisor has no powers over the digital assets listed on its platform.

"Coinbase is hoping to get a dismissal of the SEC lawsuit that it failed to properly register its business. An immediate decision might be tough to come by, but any deal that could be arrange would be huge," explained Edward Moya, senior markets analyst at OANDA.

The strategist believes that, despite everything, there is some optimism in the market, although there is a danger that Bitcoin could leave the price range in which it has been moving for just over a week. "Optimism is brewing but if prices can’t rally above the $31,500, a consolidation pattern could form between the $25,000 and $30,000 region," Moya added.

Be that as it may, the reigning cryptocurrency will close June, barring any surprises, with the third biggest rise so far this year thanks to a rally of around 12%. So far in 2023, BTC has soared more than 80% and has strengthened its dominance over the rest of the cryptocurrency market to levels not seen in more than two years, when it was trading above $50,000.

Similarly, the strong performance of the world's largest digital asset coincides with a time of lower correlation with the S&P 500 and Nasdaq, especially in the last 30 days. According to research firm K33 Research, this indicator turned negative last week for the first time since 2021, which could mean that investors are betting on BTC for "idiosyncratic reasons," at the same time that open interest on the Chicago Mercantile Exchange futures market has approached record highs.

At the same time, several strategists point out that institutional interest has returned to the market with a vengeance, something experts have long demanded as it could benefit the market. "The current institutional interest we are witnessing is far from the opportunistic FOMO (fear of missing out) we have seen in the past that can drive prices higher in the short term. Institutions are moving slowly and deliberately and investing for the long term: once they're in, they're in," stressed Samir Kerbage, chief investment officer at crypto asset manager Hashdex.

In other market news, there have been notable gains in the main altcoins. Solana (SOL) soars more than 14%, while Cardano (ADA), Dogecoin (DOGE) or Ripple (XRP) rise between 1% and 3%.