Bitcoin

Resistance

Material

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin reached a two-week high on June 5, with analysts attributing the increase to growing institutional interest.</li>
 <li>Bitcoin exchange-traded funds (ETFs) in the U.S. saw net inflows of nearly $900 million on June 4, the second highest single-day tally in their five-month history.</li>
</ul>
<p>Bitcoin experienced a surge in value, trading at two-week highs on June 5. The rise in Bitcoin’s price is believed to be linked to an increase in institutional interest.</p>
<h2 id="bitcoin-s-price-increase">Bitcoin’s Price Increase</h2>
<p>Bitcoin’s price reached local highs of $71,286 on Bitstamp after the daily close. The gains were maintained during the Asia session, with focus now shifting to the Wall Street open following a “strong bid” at the start of the U.S. trading week.</p>
<p>Popular trader Skew analyzed the market and suggested that U.S. spot Bitcoin ETFs had contributed to the bullish momentum. These ETFs recorded net inflows of nearly $900 million on June 4, according to data from sources including UK-based investment firm Farside. This was the second-largest single-day tally in their five-month history.</p>
<p>Skew also mentioned that the largest global exchange, <a href="https://crypto.ro/en/exchange/binance/" rel="noopener noreferrer nofollow">Binance</a>, could play a crucial role in strengthening the uptrend.</p>
<h2 id="resistance-and-support-levels">Resistance and Support Levels</h2>
<p>Trading resource Material Indicators pointed out the extent of resistance between the current spot price and all-time highs at $73,800. Bidders were placing liquidity above $69,000, a key level to flip to support, to bolster Bitcoin’s price.</p>
<p>On the topic of ETFs, trading firm QCP Capital saw broader bullish tailwinds for <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> due to institutional investment worldwide.</p>
<p>QCP Capital noted that as BlackRock’s Bitcoin spot ETF becomes the fastest ETF ever to cross $20b in size, more are following suit with Thailand’s SEC approving the first Bitcoin spot ETF and Australia’s first Bitcoin spot ETF starting to trade.</p>
<p>QCP added that it expected U.S. unemployment data, due toward the end of the week, to boost Bitcoin even further, especially if it shows that restrictive financial policy is having a greater impact than estimated.</p>

Global Bitcoin ETFs Under Spotlight as BTC Surges Beyond $71,000

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