In a surprising turn of events that caught the attention of the cryptocurrency community, on June 5th, the value of the popular digital currency, , surged to a remarkable high of $71,321.98. Over the past few days, the price of Bitcoin has been fluctuating quite a bit, making this recent spike a significant step towards Bitcoin’s recovery and potentially breaking its previous record.
This impressive rebound of the leading cryptocurrency comes amidst a surge in investments into US-based Bitcoin exchange-traded funds (ETFs). The price of Bitcoin saw a 4% increase in the last 24 hours, only to slightly retract soon after.
As of the time of writing, the current price of Bitcoin stands at $70,948.34, marking a 3.0% increase in the past day. The highest price ever paid for Bitcoin was $73,737.94, recorded three months ago on March 14th. Comparatively, the current price sits 3.87% below Bitcoin’s all-time peak.
This surge has led to a notable increase in Bitcoin trading activity, with the trading volume reaching $37,221,726,424 in the last 24 hours, indicating a 37.90% rise compared to the previous day, signaling a recent uptick in market movement.
Renowned cryptocurrency analyst, Ali Martinez, has recently suggested a potential drop in Bitcoin’s value while also highlighting a key resistance level for a potential new all-time high. Martinez’s analysis indicates a possible correction towards $68,700 or $68,050, should a sell signal on the Bitcoin hourly chart be triggered. However, Martinez emphasizes the importance of keeping an eye on the $69,330 resistance level, as a sustained break above it could propel Bitcoin towards $74,400.
Martinez also pointed out that Bitcoin seems to be breaking out of a symmetrical triangle pattern, and a decisive close above the $69,330 resistance level could pave the way for Bitcoin to reach new heights and surpass its previous record.
It’s important to note that the opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
In a separate development, Thailand has approved its very first spot Bitcoin ETF, further emphasizing the growing acceptance and adoption of cryptocurrencies in the global financial landscape.