In an exciting development that has captured the attention of the cryptocurrency community, Bitcoin (BTC) saw a significant price surge on June 5, reaching a high of $71,321.98. The largest cryptocurrency has experienced volatile fluctuations in recent days, making this increase a crucial step towards Bitcoin’s recovery and potentially breaking its historical record.
This recent resurgence of the leading crypto asset coincides with substantial inflows into US spot Bitcoin-based exchange-traded funds (ETFs). The Bitcoin price saw a 4% increase in the last day, only to retract shortly after.
As of the time of writing, the Bitcoin price was sitting at $70,948.34, marking a 3.0% increase in the last 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 BTC trading activity, with Bitcoin’s trading volume reaching $37,221,726,424 in the last 24 hours, representing a 37.90% increase compared to the previous day.
In a recent analysis, renowned cryptocurrency expert Ali Martinez suggested a potential drop in Bitcoin’s price, while also highlighting a resistance level for a potential new all-time high for Bitcoin. Martinez pointed out a sell signal on the Bitcoin hourly chart, indicating a possible correction towards $68,700 or $68,050. However, Martinez advised to keep an eye on the $69,330 resistance level, as breaking above it could lead BTC to new highs.
Martinez observed that Bitcoin seems to be breaking out of a symmetrical triangle pattern. A sustained close above the $69,330 resistance level could propel Bitcoin towards the $74,400 price level, potentially surpassing its previous all-time high.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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