Bitcoin ( BTC ) returned above $64,000 on May 7 as the market took liquidity on both sides of the order book.
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BTC/USD 1-hour chart. Source: TradingView
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.
BTC liquidation heatmap (screenshot). Source: CoinGlass
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).
BTC/USD chart with CME futures data. Source: Daan Crypto Trades/X
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.”
BTC/USD chart. Source: Skew/X
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.
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.
Bitcoin spot ETF flows (screenshot). Source: Farside
“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.
