Bitcoin Exceeds $70,000 Mark Amid Predictions of Bullish Crypto Market Trend
Summary:
On June 3, Bitcoin (BTC) surpassed $70,000 at Wall Street's opening. Bulls started the week by trying to transition $69,000 into a solid support level. With little nearby resistance and BTC/USD making inroads into liquidity above $70,000, traders expect a return to price discovery. Speculative optimism prevails in the cryptocurrency market, with the approval of a spot Ether (ETH) exchange-traded fund expected in the U.S. this month. Meanwhile, ETH/USD reached new monthly highs of $3,849.
Bitcoin (BTC) exceeded the $70,000 mark during the Wall Street opening on June 3rd, continuing its positive trajectory from the last daily closure. The BTC/USD 1-hour chart revealed the day's BTC price increase was approaching 4%, according to data from Cointelegraph Markets Pro and TradingView.
This week commenced with bulls making a new bid to transform $69,000 - Bitcoin's previous all-time high from 2021, and a crucial psychological threshold - into solid support. Skew, a well-known trader, referred to an ongoing price premium on perpetual swaps while surveying the present exchange order book situation.
He suggested that the spot market was leading the way at this point, advising to keep a close watch around the $70K mark while hoping for a further decrease in perp premium towards more of a spot premium.
CoinGlass, a monitoring tool, also demonstrated the BTC/USD venturing into above $70,000 liquidity, with insignificant nearby resistance available at the time. Other traders and observers, like Daan Crypto Trades, highlighted the significance of the $66K and $72K thresholds from a liquidity perspective.
Bitcoin's significant and swift increments have resulted in renewed predictions for a journey back to price discovery. Almost three months after achieving its current all-time highs, BTC/USD now aims for $100,000, according to trader Kaleo.
Trading firm QCP Capital also shared a positive sentiment, predicting enduring ripe market conditions for Bitcoin and other cryptocurrencies. The company stated in its latest market update to Telegram follower that all of cryptocurrency is expected to profit from the final approval and deployment of spot Ether (ETH) exchange-traded funds (ETFs) in the United States, which is anticipated this month.
The speculative optimism continues as traders amass long positions in other major cryptocurrencies, anticipating upcoming approvals for additional spot ETFs.
ETH/USD reached new highs for the month, touching $3,849 during Wall Street's opening bell.
As always, this article does not serve as investment counsel or suggestions. All investments and trades come with risk, thus encouraging readers to undertake their own thorough research prior to any decision-making.
Published At
6/3/2024 5:05:00 PM
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