The world's leading cryptocurrency, Bitcoin, has demonstrated its strength by achieving its second-highest weekly close ever, driven by significant investments in US spot ETFs. Despite a volatile week, Bitcoin closed at $69,640, showcasing its appeal to investors.

US Employment Data: A Temporary Hurdle

Bitcoin's price surged to $71,949 on June 7, its highest point since May 21, but failed to break the $72,000 resistance level. Strong US employment data in May led to expectations of continued high interest rates, creating a temporary obstacle for Bitcoin's growth. However, investor confidence remains strong, with Bitcoin currently trading at $69,540.

Institutional Investment: A Key Driver

The significant inflows into spot-based Bitcoin ETFs last week highlight growing institutional interest in the cryptocurrency. According to Mike Novogratz, CEO of Galaxy Digital, a break above $73,000 could propel Bitcoin towards $100,000. While momentum is strong, overcoming resistance levels remains crucial.

Historical Context

Bitcoin's highest weekly close was $73,794 on March 11, followed by a sharp correction to $56,500 on May 1. Long-term investors distributing their BTC to new ETF investors has contributed to the market's redistribution, preventing bulls from fully taking control.

Conclusion

Bitcoin's resilience and continued investor interest demonstrate its appeal as a store of value. While challenges remain, the cryptocurrency's potential for growth is significant. As institutional investment increases, Bitcoin's price may break through resistance levels, reaching new heights."