Global attention on Bitcoin ETFs intensifies as BTC price surpasses $71K

Bitcoin reached its highest level in two weeks on June 5, driven by renewed institutional interest. The price of BTC hit a local high of $71,286 on Bitstamp after the daily close. The bullish momentum was attributed to the influx of nearly $900 million into U.S. spot Bitcoin exchange-traded funds (ETFs), the second largest single-day inflow in their five-month history. Popular trader Skew noted that it was not surprising to see this price action and suggested that Binance, the largest global exchange, could play a key role in reinforcing the uptrend. However, there is significant resistance between the current spot price and the all-time highs at $73,800, with bidders placing liquidity above $69,000 to support the price. In addition, QCP Capital highlighted the broader bullish tailwinds for Bitcoin, including the approval of the first BTC spot ETF in Thailand and the start of trading for Australia’s first BTC spot ETF. The firm also suggested that upcoming U.S. unemployment data could further boost Bitcoin and potentially lead to a break of all-time highs. It is important to note that this article does not provide investment advice and readers should conduct their own research before making any financial decisions.