In a surprising turn of events that caught the attention of the cryptocurrency community, Bitcoin (BTC) experienced a significant price surge on June 5, reaching a peak of $71,321.98. The price of the leading cryptocurrency has been volatile in recent days, but this latest increase is seen as a crucial step towards Bitcoin’s recovery and potentially breaking its previous 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 Bitcoin price saw a 4% increase in the last 24 hours before retracting slightly.
As of the time of writing, the price of Bitcoin was sitting 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 14. Currently, the price stands at 3.87% below its all-time peak.
This movement led to a significant uptick in Bitcoin trading, with the trading volume reaching $37.22 billion in the last 24 hours, a 37.90% increase from the previous day, indicating heightened 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 pointed out 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 BTC towards $74,400, surpassing its previous peak.
Martinez also highlighted Bitcoin’s exit from a symmetrical triangle pattern, indicating a possible bullish momentum if the cryptocurrency closes above the $69,330 level.
Disclaimer: The views expressed in this article are for informational purposes only and should not be considered financial advice. Investing in cryptocurrencies carries inherent risks of financial loss.
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