With massive ETF inflows emerging as a major bullish catalyst, Bitcoin recently managed to score its second-highest weekly close to date
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.
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. 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.
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