Bitcoin traded at two-week highs on June 5 as analysis tied BTC price upside to fresh institutional interest.
Trader: BTC price reaction “not surprising”
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) hitting local highs of $71,286 on Bitstamp after the daily close.
Bulls managed to hold gains during the Asia session, with the Wall Street open now in focus after a “strong bid” accompanied the start of the United States trading week.
Analyzing the market, popular trader Skew suggested that the U.S. spot Bitcoin exchange-traded funds (ETFs) had helped boost bullish momentum.
These saw net inflows of nearly $900 million on June 4, per data from sources including United Kingdom-based investment firm Farside — the second largest single-day tally in their five-month history.
“Not surprising to see tbh,” he summarized in commentary about 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 - preceeds inflows.”
Skew added that largest global exchange Binance could now be key to reinforcing 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 meanwhile highlighted the extent of resistance in place between current spot price and all-time highs at $73,800.
Bidders, it said, were placing liquidity above $69,000 — itself a key level to flip to support — in order to buoy BTC price.
“Time will tell if it’s enough to keep price elevated above the R/S Flip line,” part of X commentary stated on the day.
“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 see global greenlight
Continuing on the ETF topic, trading firm QCP Capital saw broader bullish tailwinds for Bitcoin courtesy of institutional investment worldwide.
Related: Bitcoin may hit new high if US employment, inflation slows
“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 added that it expected U.S. unemployment data, due toward the end of the week, to boost Bitcoin still further — especially if it shows that restrictive financial policy is having a greater impact than estimated.
“Could this be the catalyst to break all-time highs?” it queried.
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