In a surprising turn of events that has captivated the cryptocurrency community, Bitcoin (BTC) saw a remarkable surge on June 5, reaching a peak of $71,321.98. The price of the leading cryptocurrency has been quite volatile in recent days, making this increase a significant step towards Bitcoin’s recovery and potentially breaking its all-time high.
This resurgence of the largest crypto asset coincides with a surge in investments in US spot Bitcoin-based exchange-traded funds (ETFs). The price of Bitcoin saw a 4% increase in the last 24 hours, only to retract shortly after.
As of the time of writing, Bitcoin was trading 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. Currently, the price is 3.87% lower than the all-time high of BTC.
The surge in price led to a significant increase in Bitcoin trading volume, which stood at $37,221,726,424 in the last 24 hours, representing a 37.90% increase from the previous day and indicating a recent uptick in market activity.
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. Martinez highlighted a sell signal on the Bitcoin hourly chart, predicting a correction towards $68,700 or $68,050. However, he emphasized the importance of keeping an eye on the $69,330 resistance level, as a sustained break above it could propel BTC to new heights.
Martinez 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 push BTC towards $74,400, surpassing its previous peak.
Disclaimer: 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 a risk of financial loss.
In a separate development, Thailand has approved its first spot Bitcoin ETF, signaling growing acceptance and adoption of cryptocurrencies in the region.
