Bitcoin’s price surged on June 5, catching the attention of the cryptocurrency community as it reached a high of $71,321.98. After a period of fluctuation, this increase is seen as a significant step towards Bitcoin’s recovery, bringing it close to its all-time high.
The recent upswing in the price of the largest cryptocurrency coincides with substantial investments in US spot Bitcoin-based exchange-traded funds (ETFs). Although the price saw a 4% increase in the last 24 hours, it quickly pulled back.
As of the latest data, Bitcoin is valued at $70,948.34, marking a 3.0% increase in the past day. The highest price ever paid for Bitcoin was $73,737.94 on March 14, three months ago. Currently, the price is 3.87% lower than its peak.
This surge in price has led to a significant uptick in Bitcoin trading, with a volume of $37,221,726,424 in the last 24 hours, reflecting a 37.90% increase from the previous day and indicating heightened market activity.
Renowned cryptocurrency analyst Ali Martinez has suggested a potential drop in Bitcoin’s price while also identifying a resistance level for a new all-time high. Martinez highlighted a sell signal on the Bitcoin hourly chart, hinting at a correction towards $68,700 or $68,050. However, breaking above the $69,330 resistance level could propel Bitcoin to $74,400, surpassing its previous peak.
Martinez pointed out that Bitcoin seems to be breaking out of a symmetrical triangle pattern, and a sustained close above the $69,330 resistance level could lead to a new high for BTC.
It’s important to note that the opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries inherent risks, and individuals should exercise caution when trading.