Bitcoin's price surged past $70,000 at the June 3 Wall Street open, continuing the upside momentum from the prior daily close. This increase marked a significant psychological milestone and targeted the $69,000 resistance level, which is a key price point from Bitcoin’s 2021 all-time high.

Key Points:

1. Price Action and Resistance:
- Bitcoin saw a nearly 4% price increase, aiming to turn $69,000 into firm support.
- Trader Skew noted a premium on perpetual swaps and emphasized the importance of the spot market around $70,000, suggesting the need for continued decline in the perpetual swap premium towards a spot premium.

2. Order Book and Liquidity Analysis:
- Data from CoinGlass highlighted Bitcoin eating into overhead liquidity above $70,000 with minimal resistance nearby.
- Daan Crypto Trades identified $66,000 and $72,000 as critical levels from a liquidity perspective.

3. Market Sentiment and Predictions:
- The latest all-time highs from nearly three months ago have set a new target for BTC/USD at $100,000, according to trader Kaleo, who believes this is the next major price magnet.
- Kaleo illustrated a chart showing Bitcoin's run to new highs followed by a consolidation phase, reinforcing the $100,000 target.

Ethereum's Impact and Broader Market Conditions:

1. Ethereum ETF Expectations:
- The optimism in the crypto market is further bolstered by the anticipated launch of spot Ethereum exchange-traded funds (ETFs) in the United States. This event is expected to drive new demand and is seen as a significant bullish catalyst.
- QCP Capital's market update reflected this sentiment, noting that ETH volatility is trading 15% over BTC volatility, indicating speculators are increasing long positions in anticipation of additional spot ETF approvals.

2. Ethereum Price Movement:
- At the Wall Street open, ETH/USD reached new highs for the month, peaking at $3,849, showcasing strong market performance alongside Bitcoin.

Conclusion:

Bitcoin's breakthrough past $70,000 and the anticipated Ethereum spot ETFs are contributing to a bullish outlook for the cryptocurrency market. The critical resistance levels and liquidity points identified will be essential to watch as Bitcoin targets $100,000. Meanwhile, Ethereum's price gains and the broader market's positive sentiment are likely to continue driving the momentum in the coming weeks.