Bitcoin (BTC) surpassed the $70,000 level at Wall Street’s open on June 3 in an uptrend after continuing the previous daily close.
BTC price: main resistance barrier remains $69,000
Data from Cointelegraph Markets Pro and TradingView showed that the price of Bitcoin increased by almost 4% during the day.
Bulls began the week with a new bid aimed at bringing $69,000 – the site of Bitcoin’s former all-time high for 2021 and a key psychological level – back to strong support.
Analyzing the current exchange order book landscape, popular trader Skew pointed out that there is a price premium on perpetual swaps.
“The spot market is still under control here, pay close attention to around $70,000,” he wrote in part of a post on X (formerly Twitter).
“I would like to see a continued decline in premium towards a cash premium.”
The latest data from monitoring resource CoinGlass shows BTC/USD consuming over $70,000 of public liquidity, with little resistance remaining nearby at the time of writing.
“The $66,000 and $72,000 levels remain important from a liquidity perspective. Eyes on these levels,” fellow trader and commentator Daan Crypto Trades responded to the statements.
At the same time, Bitcoin’s relatively rapid gains have sparked renewed calls for a return to price discovery.
Nearly three months after hitting all-time highs, trader Kallio insists the BTC/USD price is now targeting $100,000.
“It’s time for round two,” he told X Today subscribers, alongside a chart showing the trend towards the highs and the subsequent consolidation phase.
“$100,000 is a magnet.”
ETF Boosts Cryptocurrency Market Mood
Equally optimistic, trading firm QCP Capital noted continued favorable market conditions for Bitcoin and altcoins.
Related: BTC Price Breakout “Never Seen Before” – 5 Things to Know About Bitcoin This Week
Cryptocurrencies, as a whole, would benefit from a possible green light and the launch of exchange-traded funds (ETFs) for Ethereum (ETH) in the United States, she argued in a latest update from the market sent to subscribers of its Telegram channel.
This historic event is expected to take place this month.
“This uptrend is likely to continue as the market waits for ETH ETFs to generate new demand. The options market certainly reflects this, with ETH volumes still trading 15% above BTC volumes.
“Another reason for the continued uptrend is that speculators are increasing their long positions in other major cryptocurrencies in anticipation of additional spot ETF approvals in the near future.”
The ETH/USD price reached its highest level in a month, at $3,849 at the open on Wall Street.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
