Bitcoin (BTC) returned above $64,000 on May 7 as the market took liquidity on both sides of the order book.
BTC price aims to grind down nearby sellers
Data from Cointelegraph Markets Pro and TradingView showed BTC price action heading higher from the day’s lows of $62,864 on Bitstamp.
Still within a trading range in place since May 3, BTC/USD nonetheless gave speculators little chance to rest, with sharp moves in either direction liquidating positions.
After the daily close, it was bid liquidity being taken around $63,500, with Bitcoin then reversing to attack a larger cloud of liquidity around $1,000 higher, data from monitoring resource CoinGlass confirms.
Commenting on recent price action, popular trader Daan Crypto Trades noted that the weekend’s CME futures gap had already closed.
“Took some hours after the futures re-open but got there on Monday which is something we tend to see quite often,” he acknowledged in part of commentary on X (formerly Twitter).
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.”
Skew added that the recovery from two-month lows near $58,000 differentiated this bull market from that of 2021 when Bitcoin first attacked that level — all thanks to spot buyer demand.
U.S., Hong Kong Bitcoin ETF narrative flips bullish
On the subject of demand, the United States spot Bitcoin exchange-traded funds (ETFs) managed a strong day of inflows on May 6.
Related: Back to extreme greed past $65K? 5 things to know in Bitcoin this week
Data from sources including United Kingdom-based investment firm Farside confirms that all ten spot ETFs — including the Grayscale Bitcoin Trust (GBTC) — saw either neutral positive flows. These totaled $217 million.
On May 3, GBTC saw its first day of inflows since its conversion to an ETF.
“As long as inflows stays positive here the supply is getting scooped up so overall quite bullish,” popular commentator WhalePanda wrote in part of an X reaction.
WhalePanda additionally described the inflows to the newly-launched Hong Kong spot ETFs as “very stable volume-wise with consistant $8-9 million.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
