Why Kalshi Predicts Bitcoin Price Could Reclaim $73k Before Month-End

Bitcoin price hovered above $65,000 as the Crypto market extended its recovery. The action came after the revived hopes among world markets amid reports of a U.S.-Iran framework deal. 

The deal alleviated fears about the Strait of Hormuz and drove the oil prices down. That transition enhanced the desire of risk assets, such as Bitcoin and other major altcoins.

Crypto Market Rally Supports Bitcoin Price Outlook

The crypto market is up 1.82% to $2.24T in 24h, primarily driven by a geopolitical de-escalation rally. The improved outlook comes as Ethereum holds above $1,700, while XRP, Solana, HYPE, and Dogecoin recover. 

Crypto market traders face a packed macro week as the U.S.-Iran deal heads toward Friday’s signing. The deal has relieved oil pressure, yet risks of implementation still exist. 

The focus now shifts to the June 16-17 FOMC meeting, where Chair Kevin Warsh will likely maintain rates unchanged. Risk appetite may also be determined by U.S. jobs data.

The decision of the Bank of Japan is an additional test in Asia. Before the end of the month, investors can reevaluate the crypto market trend.

Kalshi Predicts Bitcoin Price Could Reclaim $73k In June 

Bitcoin traders are watching Kalshi markets after the platform projected that the future Bitcoin outlook could reach $73,000 in June. 

The forecast increased with an improved market sentiment that indicated that there were more optimistic expectations of a further upward drive. 

The recent revival of Bitcoin has also raised the eyebrows of crypto assets. Nevertheless, traders are being cautious about it, since the macro data and policy indicators might influence momentum before the end of the month. Volatility is in focus.

Crypto analyst Ted asserted that the Bitcoin price has surpassed the area of resistance at $65,000, providing bulls with a better short-term set-up. He observed that BTC should maintain this position to ensure momentum. Assuming breakout is defended by buyers, the next upside target might be close to $68,000. 

As of writing, the BTC price surged to $66,250 on the 4-hour chart. This action followed a period when Bitcoin was on the rise following a low in early June. 

Momentum indicators were also positive, which favors the short-term bullish formation. The MACD is positive, and the histogram is more indicative of buying pressure. The RSI is 68, and Bitcoin is near an overbought level.

Open Interest Climbs 5% as Bitcoin Derivatives Demand Grows

The derivatives trading in Bitcoin was reinforced as traders re-entered with mounting demand. The increase in volume rose by 84.41 to $55.22 billion with a sharp rise in short-term positioning. 

There was an increase in open interest of 5% to 49.78 billion, which indicated increased working contracts in exchanges.  The volume of options rose, too, by 158 million to $2.82 billion, indicating increased hedging and speculative demand. 

Open interest in options increased by 1.90% to $34.79 billion. The statistics indicate that traders are gearing up to broader Bitcoin price swings as the momentum is gaining.