Bitcoin

when

Grayscale Bitcoin Trust

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) returned above $64,000 on May 7 as the market took liquidity on both sides of the order book.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/2003a11d-4ee5-408f-9c32-e50a04a15232.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="btc-price-aims-to-grind-down-nearby-sellers">BTC price aims to grind down nearby sellers</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> 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 <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">CoinGlass</a> confirms.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/895c6458-aace-481f-8177-3e9785fe072f.png" alt="" title="">
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 BTC liquidation heatmap (screenshot). Source: CoinGlass
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Commenting on recent price action, popular trader Daan Crypto Trades noted that the weekend’s <a href="https://cointelegraph.com/news/bitcoin-opens-63k-futures-gap-thin-liquidity-btc-price">CME futures gap</a> 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 <a href="https://twitter.com/DaanCrypto/status/1787499470113882594" target="_blank" rel="noopener nofollow">acknowledged</a> in part of commentary on X.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/ec8e5451-b0a4-4194-bc2f-4ea7db3629c9.jpeg" alt="" title="">
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 BTC/USD chart with CME futures data. Source: Daan Crypto Trades/X
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Fellow trader Skew, meanwhile, highlighted several key levels to pay attention to going forward.
“Price currently still chopping around $64K,” part of his <a href="https://twitter.com/52kskew/status/1787657044268589176" target="_blank" rel="noopener nofollow">latest market update</a> stated on the day. 
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 “Going forward structurally important to trade Monthly open &amp; $61K as market demand. HTF pivot $67K.”
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<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/0b8c17fd-621b-4b1c-b723-b2c7fe80c002.jpeg" alt="" title="">
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 BTC/USD chart. Source: Skew/X
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Skew added that the recovery from two-month lows near $58,000 differentiated this bull market from that of 2021 when Bitcoin <a href="https://cointelegraph.com/news/bitcoin-price-drops-to-52k-liquidating-almost-10b">first attacked that level</a> — all thanks to spot buyer demand.
<h2 id="u-s-hong-kong-bitcoin-etf-narrative-flips-bullish">U.S., Hong Kong Bitcoin ETF narrative flips bullish</h2>
On the subject of demand, the United States spot Bitcoin exchange-traded funds (ETFs) managed a <a href="https://cointelegraph.com/news/grayscale-bitcoin-trust-gbtc-inflows">strong day of inflows</a> on May 6.
Related: <a href="https://cointelegraph.com/news/extreme-greed-past-65k-5-things-bitcoin-this-week">Back to extreme greed past $65K? 5 things to know in Bitcoin this week</a>
Data from sources, including United Kingdom-based investment firm <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">Farside</a>, confirms that all 10 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.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/62928526-7cdb-4ccb-8dbb-8b2a5c457acf.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin spot ETF flows (screenshot). Source: Farside
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“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 <a href="https://twitter.com/WhalePanda/status/1787694191713178014" target="_blank" rel="noopener nofollow">X reaction</a>.
WhalePanda additionally described the inflows to the <a href="https://cointelegraph.com/news/hong-kong-spot-bitcoin-ether-etfs-struggle-gain-traction">newly launched Hong Kong spot ETFs</a> 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.

Bitcoin trader flags key levels as BTC price attacks $64K liquidity

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