$BTC
On June 4, Bitcoin opened above $70,000 at the US market open, continuing the upward momentum from the previous day's close.
BTC Price: Key Resistance Remains at $69,000
Bulls began their journey to push $69,000 (Bitcoin's 2021 all-time high and key psychological level) back to solid support with new bids at the beginning of this week.
Analyzing the current state of exchange order books, prominent trader Skew noticed a price premium on perpetual swaps.
"Want to see perpetual premiums continue to decline and move more towards spot premium."
The latest data from monitoring resource CoinGlass shows that BTC/USD is eating into indirect liquidity above $70,000, with little resistance nearby as of the time of writing.
"The $66,000 and $72,000 levels remain important from a liquidity perspective. Keep an eye on these levels," trader and commentator Daan Crypto Trades responded to the data.
Meanwhile, Bitcoin’s relatively strong rise has sparked calls for a return to price discovery.
Trader Kaleo insists that BTC/USD is now targeting $100,000, nearly three months after hitting its latest all-time high.
“It’s time for round two,” he told X’s followers that day, attaching a chart showing the rally to the high and the subsequent consolidation phase.
“$100,000 is like a magnet.”
Ethereum Spot ETF Boosts Crypto Market Sentiment
Equally optimistic, trading firm QCP Capital sees continued favorable market conditions for both Bitcoin and altcoins.
Cryptocurrencies as a whole will benefit from the final approval and launch of Ethereum spot ETF trading, the firm said in its latest market update. The milestone is expected to occur this month.
“This bullish sentiment is likely to continue as the market awaits new demand for the ETH spot ETF. The options market is certainly reflecting this, with ETH volumes still 15% higher than BTC volumes,” the firm wrote.
“Another reason for the continued bullishness is that speculators have increased their long positions in other crypto majors in anticipation of more spot ETF approvals in the near future.”
ETH/USD hit a new monthly high of $3,849 at the Wall Street open.#BTC走势分析
