A major development in the world of cryptocurrency caught the attention of many on June 5th, as the price of Bitcoin{/img} (BTC) experienced a significant surge, reaching a peak of $71,321.98. Over the past few days, the price of the leading cryptocurrency has been quite volatile, making this latest increase crucial for Bitcoin’s recovery and bringing it closer to breaking its previous record high.
This recent resurgence of the top crypto asset comes amidst a surge in inflows into US-based spot Bitcoin exchange-traded funds (ETFs). The price of Bitcoin saw a 4% increase in the last 24 hours, although it quickly retraced.
As of the time of writing, the price of Bitcoin was sitting at $70,948.34, marking a 3.0% increase in the last day. The highest price ever paid for Bitcoin was $73,737.94, recorded three months ago on March 14th. Comparatively, the current price is 3.87% lower than Bitcoin’s all-time peak.
This price movement led to a significant uptick in Bitcoin trading activity, with the trading volume reaching $37,221,726,424 in the last 24 hours, representing a 37.90% increase from the previous day and indicating a recent surge in market participation.
Renowned cryptocurrency analyst Ali Martinez recently suggested a potential drop in Bitcoin’s price while also identifying a resistance level for a new all-time high (ATH) for Bitcoin. Martinez highlighted a sell signal on the Bitcoin hourly chart, indicating a possible correction towards $68,700 or $68,050. However, he advised keeping an eye on the $69,330 resistance level, as a sustained break above it could propel Bitcoin higher.
Martinez also noted that Bitcoin appears to be breaking out of a symmetrical triangle pattern, suggesting that a sustained close above the $69,330 resistance level could push Bitcoin towards the $74,400 price level, surpassing its previous ATH.
It’s important to note that the views and opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, Thailand has approved its first spot Bitcoin ETF, further solidifying the growing acceptance and adoption of cryptocurrencies in the global financial landscape.