Bitcoin Rising: Will BTC Bulls Break From The 3-Month Consolidation To $100,000?

Bitcoin is up 3% in the past day, breaching $70,000. At this pace, BTC may soar, breaking $74,000 on its way to $100,000

Written by: Dalmas Ngetich • Wednesday, June 5, 2024 • 1 min read

• Last updated: Wednesday, June 5, 2024

Bitcoin is rising. After roughly three months of consolidation below the all-time high, there are signs that bulls are back. Yesterday, the coin broke $70,000, impressively closing above this psychological level. If buyers maintain prices at or above the current valuation, BTC will likely breach $72,000 by the end of the week. Overall, buyers are in control, and the uptrend will be valid, especially if a convincing breach is above all-time highs.

With BTC prices breaking higher on June 4, optimism is high. This development is shown clearly in price action. So far, Bitcoin is up roughly 3% in the past day and week. At the same time, there is a clear expansion in trading volume, exceeding $36 billion. Any uptick above $72,000 could see participation spike, drawing even more interest to the world’s most valuable coin.

Bitcoin daily chart for June 5

The following Bitcoin news events are worth watching today:

After over three months of consolidation, analysts are convinced a combination of fundamental or market events will drive Bitcoin above $74,000. So far, spot ETF issuers are accumulating more coins, a positive development, especially considering dwindling emissions.
El Salvador, leading the way in Bitcoin adoption among sovereign states, now controls 5,770 BTC worth over $400 million. As the country promotes crypto integration and infrastructure development, it could benefit immensely in the years to come.

Bitcoin Price Analysis

BTC/USD is breaking higher at spot rates.

Following the confirmation of June 3 gains, technically, every low should offer entries for aggressive traders.

So far, the May 20 bull bar is setting the trend. However, buyers will be squarely in charge once a decisive high volume is close to $72,000. In that event, conservative traders may double down, targeting $74,000 and even $100,000 in the sessions ahead.

Conversely, this outlook will be invalidated if there is an unexpected dump below the 20-day moving average.