Bitcoin Fights Key Resistance, $100K Target Eyed
2 min read
Bitcoin Fights Key Resistance, $100K Target Eyed
Bitcoin breached the $70,000 mark during the Wall Street opening on June 3, marking a continuation of its upward trend since the previous day’s closure. The cryptocurrency’s price faced a pivotal resistance at $69,000, which traders eyed as a key milestone. Data from Markets Pro and TradingView indicated that Bitcoin’s price climbed nearly 4% for the day.
As the week started, Bitcoin bulls made efforts to turn the $69,000 level into a solid support point. This level is significant as it represents Bitcoin’s previous all-time high from 2021. Skew, a well-known trader, pointed out an existing price premium on perpetual swaps in the exchange order books. He advised traders to closely monitor the $70,000 mark, hoping for a decline in the perpetual swap premium as compared to spot prices.
CoinGlass provided the latest data showing that BTC/USD was progressing through the overhead liquidity situated above $70,000, with minimal resistance ahead. Another trader, Daan Crypto Trades, emphasized the importance of the $66,000 and $72,000 levels from a liquidity standpoint, suggesting that traders should keep an eye on these price points.
The swift price increase in Bitcoin has led to renewed optimism for a return to price discovery. Nearly three months following its recent all-time high, Bitcoin now targets $100,000, according to trader Kaleo. He shared his outlook with his followers on X (formerly Twitter), showing that Bitcoin might be poised for another significant climb. Kaleo described $100,000 as an attractive target, referring to it as a “magnet” for the price.
The crypto market sentiment is also buoyed by developments in Ethereum. QCP Capital, a trading firm, noted favorable conditions for both Bitcoin and altcoins. In their market update sent to Telegram subscribers, they highlighted the upcoming launch of spot Ether exchange-traded funds (ETFs) in the United States as a crucial event anticipated this month.
According to QCP Capital, the potential approval of spot Ether ETFs is expected to drive market enthusiasm and demand. They observed that the options market reflects this sentiment, with Ethereum volatility trading at a 15% premium over Bitcoin volatility. Speculators are increasing long positions in other major cryptocurrencies, expecting further spot ETF approvals soon.
Ethereum, reflecting this optimism, reached new monthly highs of $3,849 as the Wall Street trading session commenced. The broader crypto market feels the positive impact of these developments, indicating a potentially sustained bullish trend.
Bitcoin and the broader cryptocurrency market are experiencing buoyant times, with critical resistance levels being tested and anticipation of significant regulatory approvals. Traders and speculators alike are closely watching key price points and market conditions, optimistic about the prospects of reaching new highs and ushering in a new phase of market activity.
These constant upward trends feel like a bubble ready to burst. Bitcoin is just too volatile.
Incredible run for Bitcoin! $70K is a key milestone. 🏆 Here’s to more gains! 🍻
What a bullish wave! BTC and ETH both soaring high! Feels like 2021 all over again but better! 🌟
The sudden rise in Bitcoin’s price makes me nervous – it’s prone to dramatic falls just as quickly.
Bitcoin and Ethereum are on fire! The future looks bright for crypto investors!
Thrilled to see Bitcoin challenging new heights! The future looks bright!
The optimism is misplaced – just remember the last time we had a bull run, it didn’t end well.
Bitcoin may be aiming for $100,000, but the course is filled with too many pitfalls. Watch out!
Bitcoins breaking barriers again! Amazing momentum! Let’s see how far it can go!
Bitcoin breaching $70,000 is just the beginning! The road to $100k looks promising!
So excited for these new crypto highs! Lets see Bitcoin power through to $100K!
Crypto optimism is palpable! BTC at $70k and the market buzzing with energy!
I don’t buy the hype around these so-called resistance milestones. Its speculative gambling.
Wow, Bitcoin at $70,000! 🚀 Feels like history is repeating with a new twist! 🌟
Targeting $100,000? That’s a stretch. It’s more likely we’ll see a major correction soon. 🙄📉
Wall Street opening with Bitcoin at $70,000 feels more like gambling than actual market growth.
Bitcoin reaching new highs doesn’t mean much if the market isnt sustainable. It’s all just hype.
Ethereum ETFs might be a game changer, but they don’t guarantee that Bitcoin will keep rising.
BTC at $70K and Ethereum climbing high! The crypto train is unstoppable!
Bitcoins breakthrough at $70K is amazing! Crypto is on a roll!
BTC breaching $70k is just the boost we needed! To the moon!
$70K Bitcoin! This is why we HODL! Onward and upward!
Incredible! Bitcoin continues to surprise and excite! $100k, here we come!
Another BTC all-time high in the making! Can’t wait for it to hit $100,000! 🚀🔥
Long positions are risky given the volatility – there’s no real stability here.
I think it’s just a matter of time before Bitcoin crashes again. $70,000 is likely a temporary peak.
Amazing growth! BTC hitting $70k is a testament to its potential! 🌟🚀
So excited to be part of the crypto journey! BTC and ETH setting new records!
Hitting $70,000 is a major milestone! So pumped to see what’s next!
Every spike in Bitcoin’s price just means a harder fall down the line. We’ve seen it all before. 😒⬇️
The cryptocurrency market is electric right now! BTC & ETH leading the charge!
It’s dangerous to rely too much on resistance and support levels – we’ve seen traders get burned before.