The cryptocurrency community was abuzz on June 5 as the price of the popular digital currency, Bitcoin (BTC), surged to a staggering $71,321.98. After experiencing significant fluctuations in recent days, this price increase marked a crucial step in Bitcoin’s recovery, bringing it closer to breaking its previous all-time high.
This resurgence in the value of the leading cryptocurrency coincided with a notable influx of funds into US-based Bitcoin exchange-traded funds (ETFs). Although Bitcoin’s price saw a 4% increase in the last 24 hours, it quickly retreated.
As of the latest update, Bitcoin was trading at $70,948.34, reflecting a 3.0% rise in the past day. The highest price ever paid for Bitcoin was $73,737.94, recorded three months ago on March 14. Despite the recent surge, the current price still sits 3.87% below Bitcoin’s peak value.
This uptick in Bitcoin’s performance led to a substantial increase in trading volume, with transactions totaling $37,221,726,424 within the last 24 hours. This surge in market activity signals a renewed interest in Bitcoin among investors.
Renowned cryptocurrency analyst, Ali Martinez, hinted at a potential drop in Bitcoin’s price while identifying a resistance level for a new all-time high. Martinez pointed out a sell signal on the Bitcoin hourly chart, suggesting a correction towards $68,700 or $68,050. However, breaking the $69,330 resistance level could propel Bitcoin to reach $74,400, surpassing its previous peak.
It is 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. Trading or investing in cryptocurrencies carries inherent risks.
In other news, Thailand has approved its first spot Bitcoin ETF, marking a significant milestone in the adoption of digital assets in the country.