As a seasoned analyst with extensive experience in the cryptocurrency market, I’ve witnessed firsthand how Bitcoin (BTC) continues to defy expectations and deliver jaw-dropping price swings. The latest surge above $64,000 on May 7 is just another testament to this volatility.
On May 7, Bitcoin’s price surpassed $64,000 once more as traders extracted funds from both the buy and sell queues in the market.
BTC price aims to grind down nearby sellers
Based on the data from CryptoMoon Markets Pro and TradingView, the Bitcoin price on Bitstamp appeared to be rebounding after reaching a daily low of $62,864.
Despite remaining inside the trading range established on May 3, the BTC/USD pair kept investors on their toes with significant price swings, forcing some to exit their positions.
Following the market closure each day, bidders were actively purchasing Bitcoin near the price of $63,500, according to CoinGlass’s data. Subsequently, Bitcoin shifted direction and attempted to penetrate a larger pool of liquidity, situated approximately $1,000 above the previous level.
As a crypto investor keeping a close eye on market movements, I’ve observed that Daan Crypto Trades pointed out an essential development over the weekend: the CME futures gap had been filled in.
As a researcher, I’ve observed that it typically takes several hours after the futures markets reopen before significant activity is seen on X, previously known as Twitter. This trend became evident on Monday as well.
Fellow trader Skew meanwhile highlighted several key levels to pay attention to going forward.
“Price currently still chopping around $64K,” part of his latest market update stated on the day.
“Going forward structurally important to trade Monthly open & $61K as market demand. HTF pivot $67K.”
As an analyst, I’d rephrase Skew’s statement as follows: In contrast to the 2021 bull market when Bitcoin reached two-month lows around $58,000 and failed to recover, this current market has shown resilience thanks to robust spot buyer demand.
U.S., Hong Kong Bitcoin ETF narrative flips bullish
Regarding Bitcoin ETFs traded on U.S. exchanges, there was a significant increase in investments on May 6th.
According to data from sources such as the UK investment firm Farside, a total of $217 million was invested in all ten spot ETFs, including the Grayscale Bitcoin Trust (GBTC), representing neutral to positive inflows.
On May 3, GBTC saw its first day of inflows since its conversion to an ETF.
As an analyst, I would interpret WhalePanda’s comment as follows: “As long as there are continued inflows into this market, the available supply is being absorbed quickly. This indicates a generally bullish outlook.”
WhalePanda characterized the inflows into the freshly introduced Hong Kong spot ETFs as having “steady volumes, around $8-9 million each time.”
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2024-05-07 12:25