ICP Nears $5 as ckBTC Adoption and Volume Drive Bullish Momentum

Internet Computer (ICP) 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 and adherence to our standards. For more information, see CoinDesk’s full AI Policy.