Bitcoin (BTC) rose to $64,500 on May 4 as after-hours trading led to fresh BTC price gains.
Bitcoin volatility rises as the weekend begins
Bitstamp saw a new local high of $64,522 in May, according to data from Cointelegraph Markets Pro and TradingView.
Strength in U.S. employment data accelerated the daily close, encouraging signs of recovery in the cryptocurrency market, including the first inflows into Grayscale Bitcoin Trust (GBTC) in nearly three months.
BTC/USD is up 5% month-over-month as of this writing, according to data from monitoring resource CoinGlass, compared to a 15% loss already in April.
“We made great progress in the market closing yesterday,” said popular trader Daan Crypto Trades. reacted Here’s some of his recent coverage for X (formerly Twitter).
“I like the way the chart is shaping up on the higher time frames, but I would be patient and not add any green candles over the weekend. We’ll see how this goes.”
The attached chart showed a clear divergence from the latest CME Group Bitcoin futures closing price, which created a “gap” that BTC/USD tended to fill later.
Despite the impressive weekend performance, some were concerned about the overall strength of the market without TradFi participation.
Keith Alan, co-founder of trading resource Material Indicators. warned This means that order book liquidity is low and adjustments can easily occur.
“Looking for bid liquidity to replenish to keep this rally going,” he said, retweeting Material Indicators’ order book chart to his X followers.
“Otherwise it won’t take much to run out of liquidity.”
Analysis: BTC price is still below “main resistance”.
summary Meanwhile, his market view is that conditions could favor selling BTC below a “key resistance level” around $69,000, according to popular trader and commentator Credible Crypto.
Related: Price Analysis 5/3: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Uploading the chart to
“A green path is ideal. We hold on to the local highs we broke and continue through to major resistance. This will allow you to fill your shorts with a number of alternative items overall. The red path is not ideal. We were not maintaining these reps, we were seeing ‘early’ breakdowns, and the ideal short zones for most of the alts I was focusing on were not being met,” he wrote.
Credible Crypto added that it would be interested in a long BTC position if BTC/USD falls below $56,000.
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.