Bitcoin (BTC) rose above $70,000 at the Wall Street open on June 3, following its previous daily close.
BTC Price: Key Resistance Hurdle Remains at $69,000.
Data from Cointelegraph Markets Pro and TradingView shows that BTC price will rise by almost 4% on this day.
Bulls began the week with a fresh bid to bring Bitcoin back to firm support at $69,000, its 2021 all-time high and key psychological level.
Renowned trader Skew, analyzing the current situation in exchange order books, pointed out that a price premium exists in perpetual swaps.
“Spot market is still under control, so watch out around $70,000,” he wrote in part in a post on X (formerly Twitter).
“We would like to see penalty premiums continue to decline as we move towards more spot premiums.”
Latest data from monitoring resource CoinGlass shows BTC/USD eroding indirect liquidity above $70,000 with little resistance remaining at the time of writing.
“The $66,000 and $72,000 levels remain important from a liquidity perspective. Pay attention to that level.” Fellow trader and commentator Daan Crypto Trades responded to the data.
Meanwhile, Bitcoin’s relatively active rally has sparked renewed calls for a return to price discovery.
Trader Kaleo claims that BTC/USD has now hit the $100,000 target, nearly three months after hitting recent all-time highs.
“Now it’s time to start round two.” He spoke to his
“$100,000 is a magnet.”
Ethereum ETF boosts cryptocurrency market sentiment
Similarly bullish trading firm QCP Capital has seen favorable market conditions continue for both Bitcoin and altcoins.
Related: ‘Never-Before-Seen’ BTC Price Breakout — 5 Things to Know in Bitcoin This Week
In its latest market update sent to its Telegram channel subscribers, it was claimed that cryptocurrencies as a whole would benefit from the final approval and launch of a spot Ether (ETH) exchange-traded fund (ETF) in the United States.
Groundbreaking events are expected this month.
“This strength is likely to continue as the market waits for the ETH spot ETF to drive new demand. “The options market clearly reflects that ETH volume is still trading at 15% compared to BTC volume,” he wrote.
“Another reason for the continued strength is that speculators are increasing their long positions in other cryptocurrency majors in anticipation of the approval of additional spot ETFs in the near future.”
ETH/USD hit a new monthly high of $3,849 at the opening on Wall Street.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.