Bitcoin Challenges Major Resistance with $100K Price Target in Sight

BTC's price momentum gains traction as Bitcoin bulls endeavor to solidify $69,000 as a support level throughout this month.

Source: www.nedemeli.com

At the June 3 Wall Street open, Bitcoin surged past $70,000, maintaining its upward trajectory from the previous daily close.

The BTC Price Critical Resistance Persists at $69,000

Data from Markets indicates that BTC's price upside for the day is nearing 4%. Bulls kicked off the week with a renewed attempt to reclaim $69,000—a significant psychological level and Bitcoin's previous 2021 all-time high—as solid support.

Analyzing the current order book dynamics on exchanges, prominent trader Skew observed a price premium on perpetual swaps. “The spot market is still in control here; pay close attention to around $70K”, he emphasized in a recent post on X. According to the latest insights from monitoring resources, BTC/USD has been chipping away at overhead liquidity above $70,000, with minimal resistance nearby at the time of this update.

Levels like $66K and $72K remain crucial from a liquidity standpoint. Keep an eye on those levels, remarked fellow trader and commentator Trades in response to the data. Bitcoin's notable gains have reignited discussions about a potential return to price discovery. The trader remains steadfast in his belief, asserting that nearly three months after reaching its latest all-time highs, BTC/USD is now eyeing $100,000. It's time for round 2, he declared to X followers, accompanied by a chart illustrating the ascent to the highs and subsequent consolidation phase.

The Launch of an Ether ETF Uplifts Sentiment in the Crypto Market

Equally bullish, trading firm QCP Capital maintains an optimistic outlook for both Bitcoin and altcoins. In its latest market update sent to Telegram channel subscribers, the firm anticipates a sustained bullish trend across the crypto market, particularly with the imminent approval and launch of spot Ether exchange-traded funds (ETFs) in the United States. This bullishness is likely to persist as the market anticipates the ETH spot ETF to drive new demand. The options market confirms this sentiment, with ETH volatility still trading 15% higher than BTC volatility, the update stated. Meanwhile, ETH/USD reached fresh month-to-date highs of $3,849 as the Wall Street session commenced.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.