Bitcoin is gaining momentum as bulls aim to solidify $69,000 as a support level this month.
On June 3, Bitcoin surpassed $70,000 during the Wall Street open, continuing the upward trend from the previous day’s close.
BTC Price: Key Resistance at $69,000
Data Markets Pro and TradingView showed a nearly 4% increase in BTC price for the day. Bitcoin bulls kicked off the week with a push to turn $69,000—a significant psychological level and the old all-time high from 2021—into strong support.
Popular trader Skew analyzed exchange order books, noting a price premium in perpetual swaps. “Spot market still in control here, pay close attention around $70K,” he posted on X (formerly Twitter). “Would like to see continued decline in perp premium towards more of a spot premium.”
CoinGlass data revealed that BTC/USD was chipping away at the overhead liquidity above $70,000, with minimal resistance nearby. “The $66K and $72K levels remain important from a liquidity perspective. Eyes on those levels,” commented trader Daan Crypto Trades.
Bitcoin‘s swift gains have reignited calls for a return to price discovery. Almost three months after reaching its latest all-time highs, trader Kaleo now targets $100,000 for BTC/USD. “It’s time for round 2,” he told followers on X, sharing a chart that shows the run to the highs and subsequent consolidation phase. “$100K is a magnet.”
Ethereum ETF Boosts Crypto Market Sentiment
Trading firm QCP Capital remains optimistic about favorable market conditions for both Bitcoin and altcoins. In a market update to its Telegram channel subscribers, QCP Capital noted that the expected launch of spot Ether (ETH) exchange-traded funds (ETFs) in the United States this month is likely to boost the overall crypto market.
“This bullishness is likely to continue as the market waits for the ETH spot ETF to usher in new demand. The options market certainly reflects this with ETH vols still trading 15% over BTC vols,” QCP Capital wrote. “Another reason for persistent bullishness is speculators increasing long positions in other crypto majors in anticipation of additional spot ETF approvals in the near future.”
Summary Review: Bitcoin‘s push past $70,000 has sparked renewed optimism, with traders eyeing the crucial $69,000 support level and a potential target of $100,000. The anticipated launch of Ether spot ETFs in the U.S. further bolsters positive sentiment across the crypto market, indicating continued bullish trends in the near future.
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