In a groundbreaking development that has captivated the cryptocurrency community, Bitcoin (BTC) saw a significant surge on June 5, reaching a peak of $71,321.98. The price of the leading cryptocurrency has been volatile in recent days, with this surge marking a crucial step in Bitcoin’s recovery and bringing it closer to breaking its all-time high.
This recent resurgence of the top crypto asset coincides with a substantial influx of funds into US spot Bitcoin-based exchange-traded funds (ETFs). The price of Bitcoin experienced a 4% increase in the past day, only to retract shortly after.
As of the current moment, Bitcoin is valued at $70,948.34, reflecting 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. In comparison, the current price is 3.87% lower than Bitcoin’s peak value.
This surge has led to a significant uptick in Bitcoin trading activity, with the trading volume reaching $37,221,726,424 in the last 24 hours, marking a 37.90% increase compared to the previous day and indicating a recent spike in market participation.
Renowned cryptocurrency analyst Ali Martinez has suggested that Bitcoin may experience a drop while also identifying a resistance level for a potential new all-time high (ATH) in Bitcoin’s price. Martinez highlighted the presence of a sell signal on the Bitcoin hourly chart, potentially leading to a correction towards $68,700 or $68,050. However, he emphasized the importance of monitoring the $69,330 resistance level, as a sustained break above this point could propel BTC to new heights.
Martinez observed that Bitcoin appears to be breaking out of a symmetrical triangle pattern and posited that a successful close above the $69,330 resistance level could push Bitcoin towards the $74,400 price level, surpassing its previous ATH.
Disclaimer: The opinions expressed in this article, including those of the author and individuals mentioned, are strictly for informational purposes and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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