Bitcoin reached new two-week highs on June 5, climbing past $71,000 amid growing interest in Bitcoin exchange-traded funds (ETFs) across various global markets.

Data from Cointelegraph Markets Pro and TradingView revealed Bitcoin hitting $71,286 on Bitstamp after the daily close, with bulls maintaining gains during the Asia session. As the U.S. trading week began, a "strong bid" marked the Wall Street open, suggesting increased institutional interest.

Popular trader Skew noted that U.S. spot Bitcoin ETFs had significantly contributed to the bullish momentum. On June 4, these ETFs saw net inflows of nearly $900 million, marking the second-largest single-day inflow in their five-month history, according to data from sources including the UK-based investment firm Farside.

Skew commented on the price action on X, saying, "Not surprising to see tbh. We had considerable twap spot bid behind price all of yesterday till late US session. Typically consistent twap spot buying via coinbase has been Spot ETF related - preceeds inflows." He added that Binance, the largest global exchange, could now play a crucial role in reinforcing the uptrend.

“The edge for a while has been what Binance spot does in terms of moving price both prior and post large inflow days,” Skew concluded.

Material Indicators, a trading resource, pointed out the significant resistance between the current spot price and the all-time high of $73,800. Bidders were placing liquidity above $69,000 — a critical level to flip to support — to buoy the BTC price. "Time will tell if it’s enough to keep price elevated above the R/S Flip line," stated part of the commentary on X. "Meanwhile, ask liquidity is stacked above $71.5k and very dense around $72k. Some consolidation above $69k would be healthy. A wick below that line would invalidate the R/S Flip."

Trading firm QCP Capital highlighted the broader bullish tailwinds for Bitcoin due to institutional investment worldwide. "As BlackRock’s BTC spot ETF becomes the fastest ETF ever to cross $20 billion in size, we are seeing more follow suit with Thailand’s SEC approving the first BTC spot ETF and Australia’s first BTC spot ETF starting to trade today," QCP Capital wrote in an update to its Telegram channel subscribers on June 4.

QCP noted that the unprecedented inflow access for traditional capital worldwide is likely to keep BTC price supported. Additionally, they anticipated that upcoming U.S. unemployment data, expected later in the week, could further boost Bitcoin, especially if it indicates that restrictive financial policies are having a more significant impact than estimated. "Could this be the catalyst to break all-time highs?" they queried.

As Bitcoin continues to rally, the surge in ETF interest and institutional investment underscores the growing confidence in digital assets, setting the stage for potentially breaking previous all-time highs.