Bitcoin Breaks $70,000 Mark as Crypto Market Eyes Potential ETH ETF Launch in U.S.
Summary:
Bitcoin's value soared past $70,000 during the June 3 Wall Street opening, marking a continued rise from the previous day. Bullish investors are working to secure $69,000 as a steady support level, while Skew, a renowned trader, emphasized the importance of closely observing the $70K mark. CoinGlass's data showed minimal resistance at the time of reporting, and the new target for BTC/USD is posited at $100,000 according to trader Kaleo. Trading firm QCP Capital holds an optimistic outlook for Bitcoin and expects the imminent launch and approval of Ether (ETH) exchange-traded funds (ETFs) in the U.S. to boost the whole industry.
The value of Bitcoin (BTC) surged past $70,000 during the June 3 Wall Street opening hours, marking a continued rise from the previous day's close. This is apparent from the BTC/USD 1-hour chart and data provided by Cointelegraph Markets Pro and TradingView. These figures showed an nearly 4% increase in the day’s BTC value.
As the week began, bullish investors made a renewed attempt to secure $69,000—previously Bitcoin's highest value in 2021 and a significant psychological benchmark—as a steady support level. Skew, a renowned trader, highlighted a price premium in perpetual swaps while scrutinizing the current exchange order book landscape. He suggested a close watch on the $70K mark while anticipating a continued decrease in perp premium towards more of a spot premium.
CoinGlass's recent data showcased BTC/USD cutting into the liquidity overhead above $70,000, indicating minimal resistance at the time of reporting. Daan Crypto Trades, a fellow trader, stressed the importance of the $66K and $72K marks from a liquidity viewpoint.
Bitcoin's relatively swift increase sparked rejuvenated hopes for a return to price discovery. Kaleo, a trader, posited that BTC/USD has a new target of $100,000, three months after achieving its most recent all-time highs, suggesting that "$100K is a magnet."
Trading company QCP Capital expressed a similarly optimistic outlook, envisaging favorable market conditions for Bitcoin and other cryptocurrencies. They hypothesized that the imminent launch and approval of Ether (ETH) exchange-traded funds (ETFs) in the United States would boost the overall crypto industry.
The trading firm also observed increased long positions in other major cryptocurrencies, anticipating further spot ETF approvals in the near future. Meanwhile, ETH/USD reached new highs for the month, touching $3,849 as Wall Street trading began. Everyone should, however, be wary of the risks and conduct thorough research before deciding to invest or trade.
Published At
6/3/2024 5:05:07 PM
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