Overview

Bitcoin's value surged to a two-week high on June 5, driven by increased institutional interest. The spike in Bitcoin's price is attributed to growing attention from financial institutions.

Factors Behind Bitcoin's Price Surge

Bitcoin's price peaked at $71,286 on Bitstamp following the daily close. The momentum continued in the Asia session, with the focus turning to the Wall Street opening after a strong start to the U.S. trading week.

Analysts, like Skew, analyzed the market and indicated that U.S. spot Bitcoin exchange-traded funds (ETFs) played a significant role in the upward trend. These ETFs witnessed net inflows of nearly $900 million on June 4, marking the second-highest daily amount in their five-month history. The UK-based investment firm Farside provided data on this influx.

Skew also highlighted the potential impact of the prominent global exchange, Binance, on reinforcing the positive market movement.

Resistance and Support Levels

Material Indicators, a trading resource, highlighted the resistance levels as Bitcoin approached its all-time high of $73,800. There was notable demand above $69,000, a crucial level that investors were keen to see turn into support to strengthen Bitcoin's price.

In terms of ETFs, QCP Capital, a trading firm, identified broader bullish trends for Bitcoin due to increased institutional investments globally. QCP Capital mentioned the rapid growth of BlackRock's Bitcoin spot ETF, which became the fastest ETF to surpass $20 billion in size. Additionally, Thailand's SEC approved its first Bitcoin spot ETF, and Australia's initial Bitcoin spot ETF started trading.

QCP Capital anticipated that U.S. unemployment data, scheduled for the end of the week, could further drive Bitcoin's value upwards. This projection was based on the potential revelation that stringent financial policies might have a more significant impact than initially anticipated.