In an intriguing turn of events that caught the attention of the cryptocurrency community, Bitcoin (BTC) experienced a significant surge on June 5, reaching a peak of $71,321.98. The price of the leading cryptocurrency has been fluctuating in recent days, with this surge being a crucial step in Bitcoin’s recovery and bringing it closer to breaking its previous record.
This recent resurgence of the top crypto asset coincides with a substantial influx into US spot Bitcoin-based exchange-traded funds (ETFs). The price of Bitcoin saw a 4% increase in the last day, only to retract shortly after.
As of the latest update, the price of Bitcoin was at $70,948.34, marking a 3.0% increase in the past 24 hours. The highest price ever paid for Bitcoin was $73,737.94, recorded three months ago on March 14. Currently, the price is 3.87% lower than Bitcoin’s all-time peak.
This price movement has led to a significant surge in Bitcoin trading volume, reaching $37,221,726,424 in the last 24 hours, indicating a 37.90% increase from the previous day and signaling heightened market activity.
Renowned cryptocurrency analyst Ali Martinez has suggested a potential drop in Bitcoin’s price while also highlighting a resistance level for a new all-time high (ATH) for Bitcoin. Martinez pointed out a sell signal on the Bitcoin hourly chart, potentially leading to a correction towards $68,700 or $68,050. However, Martinez also emphasized keeping an eye on the $69,330 resistance level, as a breakout could propel BTC to new heights.
Martinez observed that Bitcoin seems to be breaking out of a symmetrical triangle pattern. If the cryptocurrency manages to close above the $69,330 resistance level, it could surge towards $74,400, surpassing its previous record high.
Disclaimer: The opinions expressed by the author and individuals mentioned in this article are for informational purposes only and should not be considered financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
In a separate development, Thailand has approved its first spot Bitcoin ETF, marking a significant milestone in the cryptocurrency market.