Key Highlights:
- ICP experienced a 3% rise over a 24-hour period, closing at $4.93 after surpassing the key resistance level of $4.90.
- There was notable institutional buying and last-minute volume spikes indicating a bullish trend.
- Demand within the ICP ecosystem is on the rise, highlighted by a 37% increase in the supply of ckBTC over the last month, signaling actual demand.
Analysis:
The Internet Computer (ICP) has seen a near 3% increase over the last 24 hours, now trading at $4.9487. This marks a crucial moment as it surpasses the important resistance of $4.90, setting the stage for further potential increases, particularly moving towards the psychological $5.00 level.
This surge indicates not only robust technical indicators but also highlights a broader traction within its ecosystem, especially within the integrative frameworks of Bitcoin’s decentralized finance.
ICP’s ckBTC (Chain-Key Bitcoin) supply has surged from 254 to 349 tokens since June 9, demonstrating a 37% increase over a short timeframe, indicating an uptick in Bitcoin inflows into ICP’s DeFi infrastructure, known for quick and secure interoperability.
On the trading front, ICP maintained a range of $0.21 between $4.73 and $4.93, exhibiting a clear upward trend. This improvement stems from higher trading volumes and consistency in price growth. The rapid transition from $4.90 to $4.93 during the time window of 10:41 to 11:40 UTC was driven by substantial purchases, peaking at nearly 60,000 units at 11:29 UTC, significantly above the daily average.
In volume and price action, ICP showed strong support at $4.73, with a retest at $4.90 at 10:52 UTC confirming it as a reliable foundation. With the evident structural strength and growing ecosystem activity, ICP appears set to challenge further price milestones.
