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

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Bitcoin price pushes past $31,000 as analysts eye further gains
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Bitcoin's price pushed past $31,000 on Monday after a volatile week of trading. Analysts say further gains could be around the corner.

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.

"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.However, he conceded that uncertain macroeconomic and inflationary conditions, coupled with a seemingly hawkish Fed, could create short-term resistance., that would no doubt cause more than a ripple in the crypto pond," he added.

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.

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