Bitcoin Gets Second Highest Close Ever: Details

Bitcoin Gets Second Highest Close Ever: Details

Bitcoin, the leading cryptocurrency by market capitalization, has administered to record its second-highest weekly close to date.

Bitcoin, the leading cryptocurrency by market capitalization, has administered to record its second-highest weekly close to date.

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The king of cryptocurrencies ended Sunday at $69,640 after experiencing quite a volatile week.

On June 7, the price of the leading cryptocurrency reached a high of $71,949, its highest price since May 21. However, it failed to break above the $72,000 resistance level due to a larger-than-expected US employment increase reported in May. The strength of the labor market could prevent the Federal Reserve from lowering interest rates in the near future. Risk assets such as cryptocurrencies often benefit from looser monetary policy.

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Despite macroeconomic obstacles, Bitcoin bulls they still appear poised to reclaim the $70,000 level, with the largest cryptocurrency currently trading at $69,540 on the Bitstamp exchange.

The massive inflows recorded by Bitcoin exchange-traded funds last week appear to be a major bullish catalyst for the market.

For now, however, the cryptocurrency remains range-bound. According to Mike Novogratz, CEO of Galaxy Digital, it would have to overcome the $73,000 resistance level in order to enter a new range and eventually surpass the $100,000 level.

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Bitcoin scored its highest weekly close of $71,285 in March after reaching its current all-time high of $73,794 on March 11. After that, the cryptocurrency saw a sharp correction. On May 1, it plummeted to a low of $56,500 on the double whammy of slowing ETF flows and concerns about stagflation fueled by such big names as JPMorgan CEO Jamie Dimon.

Although Bitcoin has recovered, it has not yet managed to settle above the $70,000 level. As reported by U.TodayLong-term Bitcoin holders distributing their acquired coins to new ETF holders could be the key reason why the bulls are not yet in control.

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