Bitcoin Races Past $70K, Ethereum, Dogecoin Inch Into Green: 'Bitcoin Needs To Break This Final Major Resistance Area' To Go Parabolic

Author: Khyathi Dalal | June 04, 2024 04:10pm

Cryptocurrency markets spiked on Tuesday, with Bitcoin pushing beyond $70,000 amid rising institutional capital inflows.

Prices as of 4 p.m. ET:

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$70,287.8	+1.7%
Ethereum (CRYPTO: ETH)	$3,790.9	+0.6%
Solana (CRYPTO: SOL)	$168.7	+1.3%
Dogecoin (CRYPTO: DOGE)	$0.1607	+0.3%
Shiba Inu (CRYPTO: SHIB)	$0.00002437	-1.5%

Notable Statistics:

• IntoTheBlock data notes a 59.6% increase in Bitcoin's large transaction volume, while daily active addresses increased by 24.5%. Transactions greater than $100,000 increased from 5,089 transactions on June 2 to 8,887 transactions on June 3. Exchange inflows and outflows also surged.
• Bitcoin's open interest increased by 5.3% to $37.14 billion in a single day, the highest since May 22.
• Benjamin Cowen highlighted that Bitcoin dominance "looks to be turning prior resistance at 54% into support." He added that dominance is "also holding above its bull market support band."

Notable Developments:

• Bitcoin Touches $71K Amid ‘Unprecedented Inflow Access For Traditional Capital’
• Mike Novogratz Predicts Bitcoin To $100K By The End Of 2024
• Bitcoin Will Achieve Half The Market Cap Of Gold, Predicts VanEck CEO
• Why Bitcoin Is Stuck In A Range And What Could Change That: 10x Research
• Crypto Maturity Puts Pressure On Coinbase Trading Revenue

Top Gainers:

Cryptocurrency	Price	Gains +/–
Uniswap (CRYPTO: UNI)	$11.42	+19.8%
ORDI (CRYPTO: ORDI)	$055.63	+16.3%
JasmyCoin (CRYPTO: JASMY)	$0.0398	+11.4%

#BTC

Bitcoin just needs to break this final major resistance area (red) to enter the Parabolic Phase of the cycle$BTC #Crypto #Bitcoin pic.twitter.com/EpRZeo6hL0

— Rekt Capital (@rektcapital) June 4, 2024

In another tweet, the trader noted that Bitcoin is back at the range high, adding that "Bitcoin is just one Weekly Close above the Range High away from entering the Parabolic Phase of the cycle."

However, the trader cautions that Bitcoin may not be able to achieve this only 50 days after the Halving.

The Flow Horse wonders if the high $70,000s are coming for Bitcoin.

CrediBULL Crypto shared his investment, which started by scaling in the first tranche of Bitcoin call options with expiry in July end at a $80,000 strike price. While he estimates price to reach $90,000 in less than two months, the trader added "I'll be buying a second and final tranche if we get a pullback to mid $60,000s."

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Bitcoin, Ethereum, Solana Traders Need ‘Lower Time Frame Entries, Higher Time Frame Setups,’ Says Analyst

Image: Shutterstock

Posted In: $BEAM $BTC $DOGE $ETH $JASMY $LDO $ORDI $PEPE $SHIB $SOL $UNI