Bitcoin (BTC) returned above $64,000 on May 7 as the market gained liquidity on both sides of the order book.
BTC price aims to crush surrounding sellers.
Data from Cointelegraph Markets Pro and TradingView showed BTC price rising from Bitstamp’s intraday low of $62,864.
Nonetheless, BTC/USD has still been within its trading range since May 3, giving speculators little chance to rest as they liquidate positions with sharp moves in either direction.
Bidding liquidity stood at around $63,500 after the daily close, with Bitcoin reversing to hit the liquidity cloud about $1,000 higher, data from monitoring resource CoinGlass confirmed.
Popular trader Daan Crypto Trades commented on the recent price action, noting that the CME futures gap over the weekend has already narrowed.
“It took a few hours after the futures reopened, but it arrived on Monday, which is something we tend to see quite often.” recognize This is part of a commentary on X (formerly Twitter).
Fellow trader Skew highlighted some key levels to watch out for going forward.
“The current price is still around $64,000.” Latest Market Updates It was announced on the same day.
“It is structurally important to open and trade $61,000 per month as market demand. HTF Pivot $67K.”
Skew added that the recovery from a two-month low near $58,000 differentiated this bull market from the 2021 bull market, when Bitcoin first reached that level. This is all thanks to spot buyer demand.
U.S. and Hong Kong Bitcoin ETF story turns bullish
On the demand side, U.S. spot Bitcoin exchange-traded funds (ETFs) saw strong inflows on May 6.
Related: Past $65,000 and Returning to Extreme Greed? 5 things you need to know about Bitcoin this week
All 10 spot ETFs, including Grayscale Bitcoin Trust (GBTC), had neutral positive flows, according to data from sources including UK-based investment firm Farside. The total amount was $217 million.
On May 3, GBTC recorded its first inflows since converting to an ETF.
“As long as inflows remain positive here, supply will continue to increase, so I’m very optimistic overall,” wrote popular commentator WhalePanda. X reaction.
WhalePanda further explained that inflows into the newly launched Hong Kong spot ETF have been “very stable in terms of volume, with consistent $8-9 million.”
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.