Bitcoin reached its highest level in two weeks on June 5, with the price surge attributed to increased institutional interest. The price of BTC reached a local high of $71,286 on Bitstamp after the daily close, and the gains were maintained during the Asia session. Analysts believe that the start of the United States trading week, coupled with significant inflows into U.S. spot Bitcoin exchange-traded funds (ETFs), contributed to the bullish momentum. On June 4, these ETFs recorded nearly $900 million in net inflows, the second-largest single-day total in their five-month history. Traders expect that Binance, the largest global exchange, will play a crucial role in reinforcing the upward trend. However, resistance levels are still in place, particularly at $73,800. Bidders are placing liquidity above $69,000 to support the BTC price. In other news, the approval of Bitcoin spot ETFs in Thailand and Australia, along with the success of BlackRock’s BTC spot ETF, have created broader bullish tailwinds for Bitcoin. Analysts at QCP Capital expect that U.S. unemployment data, due to be released later in the week, could further boost Bitcoin if it shows that restrictive financial policies are having a greater impact than expected. However, it is important to note that this article does not offer investment advice and readers are advised to conduct their own research before making any investment decisions.
Global attention turns to Bitcoin ETFs as BTC price surpasses $71,000