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Grayscale Bitcoin Trust

<div class="intro-text"> 
 Bitcoin’s price rebounded above $64,000 on May 7, recovering from a daily low of $62,864 on <a style="color: #0000ff;" href="https://www.tradingview.com/symbols/BTCGBP/">Bitstamp</a>. 
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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 <a style="color: #0000ff;" href="https://www.tradingview.com/symbols/BTCGBP/">indicated</a> 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 <a style="color: #0000ff;" href="https://www.coinglass.com/pro/futures/LiquidationHeatMap">confirmed by monitoring resource CoinGlass</a>. 
Popular trader Daan Crypto Trades observed that the weekend’s CME futures gap had closed after a delay. 
<blockquote>
 &nbsp;“Took some hours after the futures reopen but got there on Monday which is something we tend to see quite often,” 
</blockquote> 
Daan Crypto Trades <a style="color: #0000ff;" href="https://twitter.com/DaanCrypto/status/1787499470113882594?t=iv8pxtL9T4FckpOc6xED0g&amp;s=19">noted</a> on X. 
Fellow trader Skew <a style="color: #0000ff;" href="https://twitter.com/52kskew/status/1787657044268589176?t=peqeIpLP7t2yX3mjYKfmlA&amp;s=19">highlighted</a> 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.&nbsp; 
“Price currently still chopping around $64K,” part of his latest market update stated on the day. 
“Going forward structurally important to trade Monthly open &amp; $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 <a style="color: #0000ff;" href="https://farside.co.uk/?p=997">UK-based investment firm Farside</a>. 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.&nbsp; 
<blockquote>
 “As long as inflows stay positive here, the supply is getting scooped up so overall quite bullish,” 
</blockquote> 
WhalePanda <a style="color: #0000ff;" href="https://twitter.com/WhalePanda/status/1787694191713178014?t=XzFLOaUJA5kvRoh2_W8UsA&amp;s=19">stated</a> regarding GBTC’s inflows.&nbsp; 
Additionally, WhalePanda <a style="color: #0000ff;" href="https://twitter.com/WhalePanda/status/1787694191713178014?t=XzFLOaUJA5kvRoh2_W8UsA&amp;s=19">described</a> the inflows to the newly-launched Hong Kong spot ETFs as “very stable volume-wise with consistent $8-9 million.” 
&nbsp; 
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The post <a href="https://defi-planet.com/2024/05/bitcoin-trader-identifies-critical-levels-as-btc-price-tests-64000-liquidity/">Bitcoin Trader Identifies Critical Levels As BTC Price Tests $64,000 Liquidity</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Bitcoin Trader Identifies Critical Levels As BTC Price Tests $64,000 Liquidity

DeFi Planet

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