Bitcoin, the foremost cryptocurrency by market capitalization, has secured its second-highest weekly close to date, signaling a noteworthy milestone in its market trajectory.

Closing the week at $69,640, Bitcoin navigated through a week marked by notable fluctuations. It surged to $71,949 on June 7, nearing its highest price since May 21. However, the elusive $72,000 resistance remained unbroken, partially due to robust US job gains reported in May. The resilience of the labor market hints at potential delays in Federal Reserve interest rate cuts, impacting assets like cryptocurrencies, which thrive under accommodative monetary policies.

Despite these macroeconomic challenges, Bitcoin bulls remain determined to surpass the $70,000 mark, with the cryptocurrency presently trading at $69,540 on the Bitstamp exchange. Notably, significant inflows into spot-based Bitcoin exchange-traded funds last week emerged as a crucial bullish catalyst for the market.

However, Bitcoin's current status is characterized by being range-bound. Galaxy Digital CEO Mike Novogratz suggests that breaking through the $73,000 resistance level is crucial for establishing a new range and advancing towards the coveted $100,000 milestone.

Bitcoin's previous highest weekly close of $71,285 occurred in March, coinciding with its all-time high of $73,794 on March 11. Subsequently, the cryptocurrency experienced a sharp correction, plummeting to as low as $56,500 on May 1. This decline was influenced by a combination of slowing ETF flows and concerns about stagflation, amplified by notable figures such as JPMorgan CEO Jamie Dimon. Despite a subsequent recovery, Bitcoin has yet to solidify its position above the $70,000 mark.

The redistribution of coins by long-term Bitcoin holders to new ETF holders may be a significant factor hindering the bulls from gaining full control. This phenomenon underscores the intricacies shaping Bitcoin's trajectory in the current market landscape, highlighting the challenges and opportunities ahead.