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Bitcoin Marks Second Highest Close Ever: Details
Alex Dovbnja
With massive ETF inflows emerging as a major bullish catalyst, Bitcoin recently managed to score its second highest weekly closing record to date
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Bitcoin, the leading cryptocurrency by market capitalization, did so managed to record its second-highest weekly close to date.
The cryptocurrency king closed Sunday at $69,640 after experiencing a rather volatile week.
On June 7, the price of the leading cryptocurrency peaked at $71,949, its highest price point since May 21. However, it failed to clear the $72,000 resistance level due to stronger-than-expected US job gains recorded in May. The strength of the labor market may prevent the Federal Reserve from lowering interest rates in the near future. Risky assets like cryptocurrencies typically benefit from more accommodative monetary policy.
Despite macro-fueled headwinds, Bitcoin bulls they still appear poised to recapture the $70,000 level, with the largest cryptocurrency currently trading at $69,540 on the Bitstamp exchange.
The massive inflows recorded by spot-based Bitcoin exchange-traded funds last week appear to be a major bullish catalyst for the market.
For now, however, the cryptocurrency remains range-bound. According to Galaxy Digital CEO Mike Novogratz, it would need to break above the $73,000 resistance level to enter a new range and possibly break above the $100,000 level.
Bitcoin marked its highest weekly close of $71,285 in March, after reaching the current all-time high of $73,794 on March 11. Subsequently, the cryptocurrency underwent a sharp correction. It plummeted to as low as $56,500 on May 1 on the double whammy of slowing ETF flows and stagflation concerns fueled by big names like JPMorgan CEO Jamie Dimon.
Even though Bitcoin has recovered, it has yet to gain a position above the $70,000 level. AS reported by U.TodayLong-term Bitcoin holders distributing their acquired coins to new ETF holders could be the main reason why the bulls are not yet in control.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.