Bitcoin

Material

Grayscale Bitcoin Trust

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin (BTC) saw a surge to $64,500 on May 4, marking its highest price for the month.</li> 
 <li>Despite the weekend rise, some traders express concerns over the market’s overall strength without traditional finance participation.</li> 
</ul>  
<h2 id="bitcoin-price-surges">Bitcoin Price Surges</h2> 
<p>On May 4, Bitcoin saw a significant price increase, hitting $64,500. This rise in Bitcoin’s price occurred during out-of-hours trading, resulting in new price gains for the cryptocurrency. Data from market sources confirmed that this price was a record high for May on Bitstamp. </p> 
<p>The surge in price was influenced by positive US employment data and was further boosted by promising signs of recovery in the crypto market. This includes the first inflows for the Grayscale Bitcoin Trust (GBTC) in almost three months. </p> 
<h2 id="market-reactions">Market Reactions</h2> 
<p>As of the time of writing, Bitcoin’s monthly increase was 5%, which is a stark contrast to the 15% losses it experienced in April. Despite the encouraging weekend performance, some traders expressed concerns about the market’s robustness without the participation of traditional finance. </p> 
<p>Keith Alan, co-founder of trading resource Material Indicators, warned of a potential correction due to thin order book liquidity. He suggested that bid liquidity needs to be replenished to sustain the ongoing rally. Otherwise, a significant drop could occur due to thin liquidity. </p> 
<h2 id="market-analysis-and-predictions">Market Analysis and Predictions</h2> 
<p>Popular trader and commentator Credible Crypto gave his views on the market, suggesting that conditions may favor shorting Bitcoin below the “main resistance” of around $69,000. He presented two possible outcomes for the current Bitcoin price action, with the current area being comparatively short on liquidity. </p> 
<p>He added that if Bitcoin’s price falls below $56,000, long Bitcoin positions would become of interest.</p>

Bitcoin’s $63K Futures Gap: How Price is Threatened by Low Liquidity

Table of Contents

crypto.ro global

Další články publikované 4. 5. 2024

Coinbase’s Base Enhances Crypto Trading Speed and Cost

Shiba Inu Maintains Strength Despite Market Volatility

Bitcoin Price Rally: How Long Will It Last?

Massive Sell-off Plummets Friend.tech Token (FTT) by 50% as Largest Whale Exits Market

Tesla Now Accepting Dogecoin for Certain Items, DOGE Price Rallies

Cryptocurrency investor loses $70 million in six hours: Address poisoning attack

Join our free newsletter for daily crypto updates!