Bitcoin Looks Set to Overcome $70K Resistance Level and Head Towards a New All-Time High (ATH)

Renowned crypto expert Michaël van de Poppe noted the significance of overcoming the $70,000 price mark

Bitcoin price encountered resistance at $70,000 during the early hours of June 4, as it attempts to rally towards a new all-time high (ATH).

Renowned crypto expert Michaël van de Poppe highlighted the importance of Bitcoin overcoming the $70,000 price mark. According to him, once BTC flips this level to support, it will set itself on a path to another strong bullish run. Notably, BTC tested this level briefly on May 3.

Bitcoin Price Analysis: Key Points to Watch

In a recent tweet, van de Poppe noted that Bitcoin must break through the crucial level at $70K. He added that BTC encountered this level the previous day but failed to penetrate it. However, once it does, we can expect to see a fresh all-time high test and a rally in altcoins.

The crucial level at $70K needs to break. #Bitcoin had a test there yesterday, but couldn't get through it.

Once it will, that's when a new all-time high test and run of #Altcoins is going to happen. pic.twitter.com/8g39krvypq

— Michaël van de Poppe (@CryptoMichNL) June 4, 2024

Another analyst, Ali Martinez, pointed out a symmetrical triangle breakout pattern on the BTC/USD chart. He noted that sustained closing above $69,330 would drive BTC's price to $74,400.

Meanwhile, van de Poppe also observed that altcoins are outperforming Bitcoin in terms of price action, which could inspire investors to spread their assets beyond BTC.

ETH Price Surges as Exchange Outflows Near 800,000

On the other hand, data from CryptoQuant reveals that around 797,000 Ether were withdrawn from centralized cryptocurrency exchanges between May 23 and June 2.

This massive ETH exchange outflow primes the second-largest cryptocurrency for a notable price surprice. Moreover, the U.S. Securities and Exchange Commission’s (SEC) approval of spot Ether exchange-traded funds (ETFs) has led many to predict that ETH could be on the path to a new ATH.

Elsewhere in the altcoin market, Toncoin (TON) and Binance Coin (BNB) also perform strongly. Per CoinGecko data, TON is up 3.5% in the last 24 hours and trades at $6.92, while BNB is up 2.2% within the same timeframe and trades at $648.26.

The Toncoin ecosystem has been a beehive of activities, evidenced by the 19% surge in its user base in the last thirty days.