Bitcoin (BTC) saw a resurgence above the $64,000 mark on May 7 as it experienced significant liquidity on both sides of the order book.
This upward movement was identified from data provided by Cointelegraph Markets Pro and TradingView, which showed BTC escalating from a low of $62,864 at Bitstamp earlier in the day.
The currency remained within a trading range that had been established since May 3. Despite this, the price fluctuations were rapid, creating a volatile environment that led to the liquidation of positions in both directions.
The late trading hours saw a focus on bid liquidity near $63,500 before Bitcoin reversed direction, targeting a more substantial liquidity pool roughly $1,000 higher, as per the data from CoinGlass.
Daan Crypto Trades, a recognized trader, commented on the behavior seen over the weekend, specifically the closure of the CME futures gap.
“Took some hours after the futures re-open but got there on Monday which is something we tend to see quite often,” he mentioned, discussing the patterns observed.
Another trader, Skew, pointed out several crucial levels that should be monitored going forward.
He noted, “Price currently still chopping around $64K,” in his latest market analysis, adding the importance of trading the monthly open and $61K as significant demand markers in the market, with a high timeframe pivot at $67K.
The recovery from recent two-month lows around $58,000 also marked a notable divergence from the 2021 bull market trend, when Bitcoin first reached similar levels.
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This difference was attributed to strong spot buyer demand, as emphasized by Skew.
Regarding the ETF market, the narrative around U.S. and Hong Kong Bitcoin exchange-traded funds (ETFs) turned bullish.
On May 6, the day before the price surge, U.S. spot Bitcoin ETFs, including the Grayscale Bitcoin Trust (GBTC), witnessed substantial inflows.
Data from Farside, a UK-based investment firm, revealed positive inflows totaling $217 million across all 10 spot ETFs.
This influx marked GBTC’s first day of positive inflows since its conversion to an ETF.
The stability of inflows into the newly launched Hong Kong spot ETFs was also highlighted, with “very stable volume-wise with consistent $8-9 million,” as noted by popular commentator WhalePanda.
He further added, “As long as inflows stays positive here the supply is getting scooped up so overall quite bullish.”
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