Bitcoin’s price rebounded above $64,000 on May 7, recovering from a daily low of $62,864 on Bitstamp.
Despite trading within a range since May 3, BTC/USD experienced significant volatility, leading to position liquidations on both sides of the order book.
Data from TradingView indicated a strong bid liquidity around $63,500 after the daily close. Bitcoin then reversed course to target a larger liquidity pool approximately $1,000 higher, as confirmed by monitoring resource CoinGlass.
Popular trader Daan Crypto Trades observed that the weekend’s CME futures gap had closed after a delay.
“Took some hours after the futures reopen but got there on Monday which is something we tend to see quite often,”
Daan Crypto Trades noted on X.
Fellow trader Skew highlighted the importance of trading the Monthly open and the $61,000 level, emphasising them as structural elements for market demand. Skew also pointed out a high-time-frame pivot at $67,000.
Skew noted that the recent recovery from two-month lows near $58,000 indicated a difference from the 2021 bull market, highlighting strong spot buyer demand this time around.
“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.”
On the demand front, United States spot Bitcoin exchange-traded funds (ETFs) experienced robust inflows on May 6, according to data from sources including UK-based investment firm Farside. All ten spot ETFs, including the Grayscale Bitcoin Trust (GBTC), reported either neutral or positive flows, totaling $217 million.
GBTC witnessed its first day of inflows since its conversion to an ETF on May 3, leading to a bullish sentiment among commentators like WhalePanda.
“As long as inflows stay positive here, the supply is getting scooped up so overall quite bullish,”
WhalePanda stated regarding GBTC’s inflows.
Additionally, WhalePanda described the inflows to the newly-launched Hong Kong spot ETFs as “very stable volume-wise with consistent $8-9 million.”
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