Bitcoin surged to a two-week high on June 5, with market analysis linking the rise in BTC price to renewed institutional interest.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin reached local highs of $71,286 on Bitstamp after the daily close.
During the Asia session, bulls maintained their gains, with attention now turning to the Wall Street open following a “strong bid” at the start of the U.S. trading week.
Prominent trader Skew attributed the bullish momentum to U.S. spot Bitcoin exchange-traded funds (ETFs).
These ETFs experienced net inflows of nearly $900 million on June 4, marking the second-largest single-day tally in their five-month history, according to data from sources such as the UK-based investment firm Farside.
“Not surprising to see tbh,” Skew commented on BTC price action on X. “
“We had considerable twap spot bid behind price all of yesterday till late US session.
“Typically consistent twap spot buying via Coinbase has been Spot ETF related – precedes inflows.”
Skew also mentioned that Binance, the largest global exchange, could play a crucial role in sustaining the uptrend.
“The edge for a while has been what Binance spot does in terms of moving price both prior and post large inflow days,” he concluded.
Trading resource Material Indicators highlighted significant resistance between the current spot price and the all-time high of $73,800.
Bidders placed liquidity above $69,000, a key level to turn into support, to support the BTC price.
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“Time will tell if it’s enough to keep price elevated above the R/S Flip line,” noted part of X commentary.
“Meanwhile ask liquidity is stacked above $71.5k and very dense around $72k. Some consolidation above $69k would be healthy.
“A wick below that line would invalidate the R/S Flip.”
Bitcoin ETFs gained approval globally.
‘Trading firm QCP Capital observed that institutional investment worldwide provided broader bullish support for Bitcoin.
“As BlackRock’s BTC spot ETF becomes the fastest ETF ever to cross $20b in size, we are seeing more follow suit with Thailand’s SEC approving the first BTC spot ETF and Australia’s first BTC spot ETF starting to trade today,” it wrote in an update to Telegram channel subscribers on June 4.
“Unprecedented inflow access for traditional capital around the world will undoubtedly keep BTC price supported.”
QCP also predicted that U.S. unemployment data due later in the week could further boost Bitcoin, particularly if it indicates that restrictive financial policy is having a significant impact.
“Could this be the catalyst to break all-time highs?” it queried.
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