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

Zinger Key Points
  • Global crypto market capitalization is trading 1.9% higher at $2.6 trillion as key metrics surge.
  • One trader points to breaking the final major resistance area for a parabolic phase, while another sees high $70Ks for Bitcoin.

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

Prices as of 4 p.m. ET:

CryptocurrencyPriceGains +/-
Bitcoin BTC/USD$70,287.8+1.7%
Ethereum ETH/USD$3,790.9+0.6%
Solana SOL/USD$168.7+1.3%
Dogecoin DOGE/USD$0.1607+0.3%
Shiba Inu SHIB/USD$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:

Top Gainers:

CryptocurrencyPriceGains +/
Uniswap UNI/USD$11.42+19.8%
ORDI ORDI/USD$055.63+16.3%
JasmyCoin JASMY/USD$0.0398+11.4%

Trader Notes: Rekt Capital, in their latest tweet, highlighted Bitcoin's final resistance area.

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

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