When the price of BTC exceeds 71 thousand dollars, the Bitcoin ETF will pay close attention
As Bitcoin traded at a two-week high on June 5, BTC price tied with fresh institutional demand.
Trader: BTC Price Reaction “Not Impressive”
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) hitting a local high of $71,286 on Bitstamp after the daily close.
Bulls made gains in the Asian session, with Wall Street's open now focused on a “strong bid” following the start of the US trading week.
Analyzing the market, popular trader Skew has suggested that the American position of Bitcoin Exchange Traded Funds (ETFs) has helped to increase bullish momentum.
These saw inflows of nearly $900 million on June 4, according to sources including UK-based investment firm Farside – the second-biggest single-day increase in their five-month history.
“Not surprising to see tbh,” he commented on BTC's price action on X.
From yesterday until the end of the US session, we had a strong co-position bid behind price. Normally buying a volatile twap spot through coinbase is tied to a spot ETF – before entry.
Skew added that the largest international exchange Binance could be the key to strengthen the current growth.
“The edge is what the binance spot does for a short period of time in terms of price movement both before and after big entry days,” he concluded.
Trading inputs' material indicators highlighted resistance between the current spot price and the all-time high of $73,800.
He said bidders were setting a key level to support the BTC price above $69,000.
“Time will tell if it is enough to push the price above the R/S flip line,” the X Commentary said on the day.
“Meanwhile, ask liquidity is above $71.5k and very dense around $72k. A consolidation above $69k would be healthy. A wick below that line will devalue the R/S flip.”
Bitcoin ETFs See Global Green Light
Continuing on the ETF topic, trading firm QCP Capital sees a broad tailwind for Bitcoin courtesy of institutional investment.
Related: Bitcoin Could Hit New Highs If US Employment, Inflation Slows
“As BlackRock's BTC spot ETF becomes the fastest ETF to cross $20b in size, we're watching more closely as Thailand's SEC launches its first BTC spot ETF and Australia's first BTC spot ETF begins trading today,” he wrote in an update. June 4 for Telegram channel subscribers.
“Unprecedented access to traditional capital income around the world will undoubtedly support BTC's value.”
QCP added that US unemployment data could boost bitcoin further by the end of the week – especially if it shows that restrictive monetary policy is having a bigger impact than expected.
“Could this be a catalyst to break all-time highs?” he asked.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
