The post ICP Nears $5 as ckBTC Adoption and Volume Drive Bullish Momentum appeared on BitcoinEthereumNews.com.

Internet Computer advanced 2.98% over the past 24 hours to trade at $4.9487, breaking past the critical $4.90 resistance and forming a base for further upside toward the key psychological $5.00 level. The rally reflects not only strong technical momentum but also growing traction in the protocol’s ecosystem – particularly in Bitcoin-integrated DeFi. The total supply of ckBTC (Chain-Key Bitcoin) on ICP has increased from 254 to 349 tokens since June 9, a 37% rise in under a month, a post on X highlighted. This marks an uptick in Bitcoin inflows into ICP’s DeFi infrastructure, which offers secures fast interoperability. On the price action side, ICP traded within a $0.21 range between $4.73 and $4.93, with a clear upward bias. Momentum intensified with volume bursts and higher-lows structure. The surge from $4.90 to $4.93 during the 10:41–11:40 UTC window was powered by institutional-style accumulation, peaking at 59,999 units at 11:29 UTC, well above the daily average. ICP had held support at $4.73, and a successful retest of $4.90 at 10:52 UTC confirmed it as a new support floor. With structural strength in place, growing ecosystem usage, and DeFi-driven demand from ckBTC, ICP appears well-positioned to challenge the next upside milestone. Technical Analysis Highlights ICP gained 3% over 24 hours, trading between $4.73 and $4.93. Support held firm at $4.73, forming the base for the rally. Breakout above $4.90 was confirmed at 10:59 UTC with strong follow-through. Volume surges at 11:23 (33,830 units), 11:28 (27,673 units), and 11:29 (59,999 units) indicate accumulation. A pullback to $4.90 at 10:52 UTC was successfully defended before fresh highs. Ecosystem usage grows as ckBTC supply on ICP rises 37% since June 9, per X. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy…

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Filed under: News - @ July 9, 2025 11:26 pm