Bitcoin fights key resistance as trader flags $100K BTC price ‘magnet’
Bitcoin (BTC) surpassed $70,000 on June 3 after continuing the previous daily close as upside on Wall Street.
BTC Price: The key resistance barrier remains at $69,000
Data from Cointelegraph Markets Pro and TradingView showed the day's BTC price up nearly 4%.
Bulls started the week with a fresh bid of $69,000 – Bitcoin's old 2021 all-time high and a key psychological level – back to firm support.
Famous trader Skew cited the price premium over fixed volatility as changing the current landscape.
“The spot market is still in control here, pay close attention to $70K,” he wrote in part in a post on X (formerly Twitter).
“I'd like to see more premiums going down to a place where premiums are going down.”
The latest data from Monitor Wealth showed CoinGlass BTC/USD eating up liquidity above $70,000, with little resistance remaining at the time of writing.
“The $66k and $72k levels remain important in terms of liquidity. Eyes on those levels,” Dan CryptoTrades, co-trader and analyst, responded to the information.
Meanwhile, bitcoin's rapid gains have sparked renewed calls for a return to price discovery.
Three months after hitting a recent high, BTC/USD now has a target of $100,000, according to trader Kaleo.
“It's time for the second round,” he told his X followers on the day, along with a chart showing the run to the highs and the ongoing consolidation phase.
“$100K is a magnet.”
Ethereum ETF boosts crypto market sentiment
Equally optimistic, trading firm QCP Capital sees sustainable market conditions for both Bitcoin and altcoins.
Related: BTC Price Split ‘Unprecedented' — 5 Things to Know in Bitcoin This Week
In a recent market update sent to Telegram channel subscribers, crypto in general argued that it would benefit from the recent rally in the United States and spot ether (ETH) exchange-traded funds (ETFs).
This amazing event is expected this month.
“This bullishness is likely to continue as the market expects ETH spot ETFs to generate new demand. The options market certainly reflects this, with ETH vols still trading at 15% over BTC vols,” he wrote.
“Another reason for continued bullishness is that speculators are increasing long positions in other crypto majors in anticipation of more spot ETF approvals in the near future.
ETH/USD hit a new month-high of 3,849 at the Wall Street open.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
