Breaking through the crucial $4.90 barrier, Internet Computer’s ICP surged to trade around $4.95, edging closer to the psychologically significant $5 threshold after a 2.98% boost in the last 24 hours. This upward move not only hints at firm technical roots but also mirrors expanding adoption within the protocol’s ecosystem, especially in Bitcoin-linked decentralized finance.
A notable 37% increase in the supply of ckBTC (Chain-Key Bitcoin) on ICP—from 254 to 349 tokens since June 9—underscores a fresh inflow of Bitcoin liquidity into ICP’s DeFi layer, known for its secure and swift interoperability, as highlighted in recent posts on X.
Price activity revealed an upward tilt within a $0.21 band, fluctuating between $4.73 and $4.93. Volume spikes combined with a series of ascending lows signal mounting bullish momentum. Institutional-style accumulation fueled a notable push from $4.90 to $4.93 during the 10:41–11:40 UTC interval, climaxing at 59,999 units traded at 11:29 UTC—well beyond average daily turnover.
Holding steady at the $4.73 support, ICP reinforced the newly established $4.90 floor with a successful retest at 10:52 UTC. Bolstered by this structural resilience, increasing ecosystem engagement, and growing demand driven by ckBTC, ICP is positioned to challenge forthcoming resistance levels.
Snapshot of Technical Dynamics
- ICP climbed roughly 3% over the day, oscillating within $4.73–$4.93.
- Support steadfast at $4.73 formed a reliable springboard for upward momentum.
- Breakout beyond $4.90 was solidified near 10:59 UTC, gaining strong confirmation.
- Volume surges – 33,830 units at 11:23, 27,673 at 11:28, and a peak of 59,999 at 11:29 UTC – point to strategic accumulation.
- A brief retreat to $4.90 at 10:52 UTC was firmly held before fresh gains ensued.
- ckBTC supply growth on ICP up 37% since early June highlights expanding DeFi ecosystem activity, according to updates on X.
Key Metrics in Context
Since June 9, the ckBTC token supply on ICP’s blockchain jumped from 254 to 349 units, reflecting a 37% increase over less than a month. Trade volumes during the breakout window exceeded the daily average by over 50%, indicating intensified buying interest. The $5 psychological target remains the next significant hurdle for ICP bulls.
Disclaimer: This piece incorporates segments generated with AI assistance, meticulously vetted by our editorial staff to uphold factual accuracy and editorial standards as outlined in CoinDesk’s AI policy.
