Bitcoin (BTC) surged past $70,000 as trading opened on Wall Street on June 3, building on gains from the previous day’s close.
The price of BTC saw a 4% increase, inching closer to key resistance at $69,000. Bulls were pushing to establish $69,000 as a strong support level, which was previously Bitcoin’s all-time high in 2021 and a significant psychological threshold.
Analysis of exchange order books revealed a price premium on perpetual swaps, indicating that the spot market was still dominant. Traders were advised to closely monitor the $70,000 level for potential market movements.
Recent data showed that BTC/USD was breaking through resistance above $70,000 with limited obstacles in the near term. The levels of $66,000 and $72,000 were highlighted as crucial liquidity points to watch.
With Bitcoin’s rapid gains, traders were optimistic about a return to price discovery, with a target of $100,000 set by trader Kaleo. The market sentiment was buoyed by the anticipation of the approval and launch of Ether (ETH) exchange-traded funds (ETFs) in the United States, expected to happen this month.
QCP Capital, a trading firm, expressed confidence in the market conditions for both Bitcoin and altcoins, attributing the positive outlook to the upcoming launch of ETH ETFs. ETH/USD hit new monthly highs of $3,849 at the Wall Street open.
This article does not provide investment advice, and readers are encouraged to conduct their own research before making any financial decisions.