Bitcoin confronts crucial resistance while a trader highlights the $100K BTC price ‘magnet’.

Bitcoin (BTC) surpassed $70,000 at the start of Wall Street trading on June 3, building on the positive momentum from the previous day’s closing price. The 1-hour chart for BTC/USD on TradingView showed a nearly 4% increase in price. Bulls entered the week with a renewed effort to establish $69,000 as a strong support level, as it was the previous all-time high for Bitcoin in 2021 and a psychologically significant level. Skew, a popular trader, noted that there was a price premium on perpetual swaps, indicating that the spot market still had control. Data from CoinGlass revealed that BTC/USD had broken through resistance at $70,000 and had little resistance nearby. Other traders highlighted the importance of the $66,000 and $72,000 levels in terms of liquidity. The rapid gains in Bitcoin led some traders to predict a return to price discovery, with a target of $100,000. QCP Capital, a trading firm, shared a positive market outlook for Bitcoin and altcoins, citing the potential launch of spot Ether exchange-traded funds (ETFs) in the US as a catalyst for continued bullishness. The firm pointed out that the options market reflected this optimism, with Ether volatility trading 15% higher than Bitcoin volatility. At the same time, Ether reached new month-to-date highs of $3,849. It is important to note that this article does not provide investment advice, and readers should conduct their own research before making any decisions.