ICP Approaches $5 as Breakout Volume and Rising DeFi Bitcoin Flows Boost Momentum
Internet Computer (ICP) has advanced 2.98% in the past 24 hours, reaching $4.9487 after decisively breaking above the key $4.90 resistance level. This move sets the stage for a potential challenge of the psychologically significant $5.00 mark.
The rally is fueled by both solid technical indicators and growing activity within ICP’s ecosystem, particularly linked to Bitcoin-integrated decentralized finance (DeFi).
According to a recent update on X, the supply of ckBTC (Chain-Key Bitcoin) on the ICP network has climbed from 254 to 349 tokens since June 9, representing a 37% increase in less than a month. This signals increasing Bitcoin flows into ICP’s DeFi framework, which emphasizes fast, secure cross-chain connectivity.
Strong Technical Signals and Market Activity
Throughout the last day, ICP traded in a relatively tight $0.21 range, between $4.73 and $4.93, maintaining an upward trajectory. The bullish momentum accelerated as trading volumes spiked, with prices forming higher lows—a sign of sustained accumulation.
A notable surge occurred as the price rose from $4.90 to $4.93 between 10:41 and 11:40 UTC, driven by strong buying interest. Trading volume peaked at 59,999 units at 11:29 UTC, far exceeding the typical daily averages.
Earlier in the session, ICP successfully held support at $4.73, and a retest of the $4.90 level at 10:52 UTC confirmed it as a new support zone. With technical patterns strengthening and ckBTC flows on the rise, ICP appears positioned for another push higher.
Technical Highlights
- ICP gained nearly 3% in the past 24 hours, trading between $4.73 and $4.93.
- Solid support at $4.73 provided the base for upward moves.
- A confirmed breakout above $4.90 took place at 10:59 UTC, with price momentum persisting.
- Large volume spikes at 11:23 (33,830 units), 11:28 (27,673 units), and 11:29 (59,999 units) indicate sustained interest.
- A brief drop to $4.90 at 10:52 UTC was quickly reversed, supporting further gains.
- ckBTC supply on ICP has grown 37% since June 9, signaling heightened DeFi activity on the platform.
