Bitcoin’s price surged past $70,000 at the opening of Wall Street on June 3, building on the momentum from the previous day’s close. The 1-hour BTC/USD chart indicated a significant uptick in price, with key resistance still lingering around the $69,000 mark.
Market data from Cointelegraph Markets Pro and TradingView showed a nearly 4% increase in Bitcoin’s price for the day. Bulls were eager to reclaim $69,000 as a strong support level, which was previously the site of Bitcoin’s all-time high in 2021.
Analysis of exchange order books revealed a price premium on perpetual swaps, suggesting that the spot market was still in control. Traders were advised to monitor the $70,000 level closely for further developments.
Monitoring resource CoinGlass reported a decrease in overhead liquidity above $70,000, with limited resistance in sight. Traders were keeping a close eye on the $66,000 and $72,000 levels for potential market movements.
Bitcoin’s rapid price gains reignited discussions about a return to price discovery, with trader Kaleo setting a target of $100,000 for BTC/USD. The market sentiment was buoyed by the anticipation of spot Ether exchange-traded funds (ETFs) being approved and launched in the United States later this month.
Trading firm QCP Capital remained optimistic about the market outlook for both Bitcoin and altcoins, citing the potential impact of the upcoming Ether ETFs on market demand. ETH/USD hit new highs of $3,849 at the Wall Street open, reflecting the positive market sentiment.
It is important to note that this article does not offer investment advice. Readers are encouraged to conduct their own research and analysis before making any investment decisions.