Bitcoin, the leading cryptocurrency by market cap, has managed to log its second-highest weekly close to date.
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The crypto king ended Sunday at $69,640 after experiencing a rather volatile week.
On June 7, the price of the leading cryptocurrency peaked at $71,949, its highest price point since May 21. However, it failed to crack the $72,000 resistance level due to stronger-than-expected US job gains reported in May. The strength of the labour market might prevent the Federal Reserve from lowering interest rates in the near future. Risk assets such as cryptocurrencies typically benefit from a looser monetary policy.
Despite the macro-fueled headwinds, Bitcoin bulls still seem to be poised to reclaim the $70,000 level, with the largest cryptocurrency currently trading at $69,540 on the Bitstamp exchange.
Massive inflows recorded by spot-based 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 Galaxy Digital CEO Mike Novogratz, it would have to surpass the $73,000 resistance level in order to be able 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 experienced a sharp correction. On May 1, it plunged to as low as $56,500 due to the double-whammy of slowing ETF flows and stagflation concerns fueled by such big names as JPMorgan CEO Jamie Dimon.
Even though Bitcoin has recovered, it is yet to gain a footing above the $70,000 level. As reported by U.Today, long-term Bitcoin holders distributing their acquired coins to new ETF holders might be the key reason why the bulls are not in control just yet.
