The recent surge in Bitcoin prices has sparked a bullish rally, elevating market sentiments. Within this bullish momentum, alternative coins are striving for a trend reversal, with some surpassing previous all-time highs.

The breach of the $70,000 threshold by Bitcoin indicates a significant demand surge, supported by a remarkable 27% increase in trading volume. This upsurge suggests a continuation of the bullish trend.

Despite the optimism among buyers following the price surge, there remains a sense of caution, wary of a potential bull trap reminiscent of past failed rallies. The question looms whether the current jump in price is a short-lived rally or if Bitcoin can achieve the $80,000 milestone.

A detailed price analysis sheds light on the Bitcoin price trend, exploring the possibility of reaching $100,000 this year.

Bitcoin Price Movement

With a conspicuous short-term rebound and a subsequent rally, Bitcoin's price demonstrates a bullish trend, breaking past the $70,000 mark with a morning star pattern. The resurgence follows a breakout from a resistance trendline within a flag pattern.

The recent performance showcases three consecutive bullish candles, propelling the price by 5.67% over the last four days, positioning it to challenge the $71,500 peak. Moreover, the bullish trend breaches the 50% Fibonacci level, accompanied by a surge in trading volumes.

At present, Bitcoin is trading at $71,262, registering a 0.96% intraday increase, signaling a sustained bullish trajectory towards a new all-time high.

Bitcoin ETFs Influence on Price Movement

On June 5th, Bitcoin spot ETFs witnessed a substantial daily inflow of $886 million, marking the 16th consecutive positive day. This noticeable inflow contributes to the ongoing bullish sentiment surrounding Bitcoin, highlighting the impact of ETF activities on market trends.

Derivatives Market Outlook

The funding rate for Bitcoin indicates a robust bullish sentiment, with traders favoring long positions and offering premiums to shorts. In addition, Bitcoin's open interest has surged by 15.76% over the past week, reaching $19.4 billion. This surge in open interest underpins the bullish price movement seen in the derivatives market.

Foreseeable Trend

The current bullish momentum propelling Bitcoin prices gives rise to expectations of surpassing $73,800. This milestone would mark a new all-time high, potentially paving the way for further growth towards the $77,842 mark in the coming weeks. There is an optimistic outlook that the uptrend could even propel Bitcoin to reach the $80,000 milestone by the end of this month.