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ICP Approaches $5 as Breakout Volume and DeFi BTC Flows Signal Strength
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Jamie Crawley
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By Jamie Crawley, CD Analytics|Edited by Stephen Alpher
Jul 9, 2025, 2:55 p.m.
- ICP rose 3% over 24 hours, closing at $4.93 after breaking above the $4.90 resistance level.
- Institutional accumulation and final-hour volume spikes confirmed bullish continuation.
- DeFi traction on ICP grows as ckBTC supply rises 37% in one month, signaling real demand.
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.
STORY CONTINUES BELOW
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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.
- 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.
Jamie has been part of CoinDesk’s news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
CoinDesk Analytics is CoinDesk’s AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk’s editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article.
CoinDesk Analytics operates under CoinDesk’s AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk’s approach to AI-generated content in our AI policy.
