ICP Climbs Nearly 3% as Breakout Volume and DeFi Bitcoin Flows Fuel Rally Toward $5

Internet Computer (ICP) rose 2.98% in the past 24 hours, trading at $4.9487 after breaking through the crucial $4.90 resistance level and establishing a solid foundation for a potential push toward the psychologically significant $5.00 mark.

The recent gains reflect not only strong technical momentum but also increasing activity within the protocol’s ecosystem, particularly around Bitcoin-integrated decentralized finance (DeFi).

According to a post on X, the total 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 under a month. This signals rising Bitcoin inflows into ICP’s DeFi infrastructure, which offers secure and rapid cross-chain interoperability.

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Price Action and Technical Signals

ICP traded within a relatively narrow $0.21 range, moving between $4.73 and $4.93, maintaining a clear upward bias. The rally picked up steam as trading volume surged and price patterns formed higher lows. Notably, the price spiked from $4.90 to $4.93 between 10:41 and 11:40 UTC, driven by institutional-style accumulation, with volume peaking at 59,999 units at 11:29 UTC, significantly exceeding the daily average.

Earlier, ICP had 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 robust technical foundations, growing ecosystem engagement, and rising DeFi-driven demand for ckBTC, ICP appears well-positioned to challenge its next upside target.

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Technical Analysis Highlights

• ICP rose nearly 3% over 24 hours, trading between $4.73 and $4.93.
• Strong support at $4.73 provided the base for the rally.
• The breakout above $4.90 was confirmed at 10:59 UTC with sustained follow-through.
• Volume surges at 11:23 (33,830 units), 11:28 (27,673 units), and 11:29 (59,999 units) signal significant accumulation.
• A dip back to $4.90 at 10:52 UTC was swiftly defended, enabling new highs.
• ckBTC supply on ICP has increased by 37% since June 9, highlighting growing ecosystem activity.