In a surprising 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. Over the past few days, the price of the leading cryptocurrency has been quite volatile, making this increase crucial for Bitcoin’s recovery and bringing it close to breaking its historical record.
This recent resurgence of the top crypto asset coincides with a surge in inflows into 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 latest update, the price of Bitcoin stood at $70,948.34, reflecting a 3.0% increase in the past day. The highest price ever paid for Bitcoin was $73,737.94, recorded on March 14 (3 months ago). Currently, the price is 3.87% lower than the all-time peak of BTC.
This uptick in price led to a significant surge in BTC trading volume, which reached $37.22 billion in the last 24 hours, marking a 37.90% increase from the previous day and indicating a recent uptick in market activity.
Analysts are now speculating about the future of Bitcoin, with many predicting a potential drop in the cryptocurrency’s price while also identifying a resistance level for a new all-time high. Notable cryptocurrency expert Ali Martinez recently highlighted a sell signal on the Bitcoin hourly chart, suggesting a correction towards $68,700 or $68,050. However, Martinez also pointed out the $69,330 resistance level as a key indicator for a potential surge in BTC price.
Martinez noted that Bitcoin seems to be breaking out of a symmetrical triangle pattern, and a sustained close above the $69,330 resistance level could propel BTC towards the $74,400 mark, surpassing its previous all-time 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.
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