Breakout Volume and Robust DeFi BTC Activity Drive ICP Close to $5

ICP Gains Nearly 3% as DeFi Bitcoin Inflows and Breakout Volume Drive Rally Toward $5

Internet Computer (ICP) has surged 2.98% in the past 24 hours, climbing to $4.9487 after decisively breaking through the key $4.90 resistance level and setting the stage for a possible push toward the psychologically important $5.00 mark.

The latest price move reflects solid technical momentum and growing ecosystem engagement, fueled in part by increased Bitcoin flows into ICP’s decentralized finance (DeFi) ecosystem.

On X, ICP’s team reported that the supply of ckBTC (Chain-Key Bitcoin) on the network has expanded from 254 to 349 tokens since June 9, marking a 37% rise in under a month. This uptick signals stronger Bitcoin integration into ICP’s cross-chain DeFi infrastructure, which is designed for fast and secure interoperability.

Price Action and Market Dynamics

During the past day, ICP traded within a relatively narrow $0.21 range, moving between $4.73 and $4.93 while maintaining an upward trend. The rally accelerated amid surging trading volume and a series of higher lows. A particularly sharp move saw the price jump from $4.90 to $4.93 between 10:41 and 11:40 UTC, driven by what appears to be institutional accumulation. Trading volume peaked at 59,999 units at 11:29 UTC, far above the daily average.

Earlier, ICP defended key support at $4.73, and a successful retest of the $4.90 level at 10:52 UTC confirmed it as a new support base. Combined with growing ckBTC activity and solid technical signals, ICP looks well-positioned to challenge its next resistance level above $5.

Key Technical Highlights

ICP is up nearly 3% over the past 24 hours, trading between $4.73 and $4.93.
The token held firm support at $4.73, fueling the breakout.
A decisive move above $4.90 occurred at 10:59 UTC, with momentum holding strong afterward.
Significant volume spikes were observed at 11:23 (33,830 units), 11:28 (27,673 units), and 11:29 (59,999 units), indicating sustained buying interest.
The brief dip to $4.90 at 10:52 UTC was quickly absorbed, allowing the price to climb higher.
ckBTC supply on ICP has grown 37% since June 9, pointing to increased DeFi activity on the network.