Bitcoin (BTC) surpassed $64,000 on May 7 as the market saw activity on both sides of the order book.
The price of BTC rose from its daily lows of $62,864 on Bitstamp, remaining within a trading range since May 3. However, there were significant moves in either direction that liquidated positions.
After the daily close, bid liquidity was taken around $63,500, followed by a reversal to target a larger cloud of liquidity around $1,000 higher, as confirmed by data from monitoring resource CoinGlass.
Commenting on recent price action, popular trader Daan Crypto Trades noted that the weekend’s CME futures gap had already closed. He acknowledged that it took a few hours after the futures re-opened, but it closed on Monday, which is a common occurrence.
Fellow trader Skew highlighted several key levels to watch going forward, stating that the price is currently hovering around $64,000. Skew also noted that the recovery from two-month lows near $58,000 in this bull market is different from 2021, thanks to spot buyer demand.
In terms of demand, spot Bitcoin exchange-traded funds (ETFs) in the United States had a strong day of inflows on May 6. Data from investment firm Farside confirmed that all ten spot ETFs, including the Grayscale Bitcoin Trust (GBTC), saw positive or neutral flows totaling $217 million. GBTC saw its first day of inflows since its conversion to an ETF on May 3.
Popular commentator WhalePanda described the inflows to the newly-launched Hong Kong spot ETFs as having stable volume-wise, consistently around $8-9 million.
Please note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.
Bitcoin trader identifies crucial thresholds as BTC price surges towards $64K support