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Bitcoin

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Material

Grayscale Bitcoin Trust

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) pushed to $64,500 on May 4 as out-of-hours trading produced fresh BTC price gains.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/5cf4a209-bf47-4ad2-a4ae-96158b3873ff.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="bitcoin-ups-volatility-as-weekend-begins">Bitcoin ups volatility as weekend begins</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> confirmed new local highs of $64,522 on Bitstamp — a new peak for May.
The strength that appeared on United States employment data gathered speed into the daily close, fueled by encouraging crypto market recovery signals, including the <a href="https://cointelegraph.com/news/grayscale-gbtc-inflows-record-bitcoin-exchange-traded-fund-etf">first inflows for the Grayscale Bitcoin Trust (GBTC)</a> in nearly three months.
BTC/USD was up 5% month-to-date at the time of writing, per data from monitoring resource <a href="https://www.coinglass.com/today" target="_blank" rel="noopener nofollow">CoinGlass</a>, already contrasting with <a href="https://cointelegraph.com/news/bitcoin-price-loses-60k-support-2-month-lows">April’s 15% losses</a>.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/966cbbef-3c93-4b84-bb60-ea0c60673c12.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD monthly returns (screenshot). Source: CoinGlass
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“Had a great push into the market close yesterday,” popular trader Daan Crypto Trades reacted in part of his latest coverage on X.
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 “While I am liking how the charts are shaping up on the higher timeframes, I’ll be patient and not start adding on green candles during the weekend. Will see how this plays out.”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/e8ffdf1c-e45e-486e-8510-86aa6599c4aa.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart with CME futures data. Source: <a href="https://twitter.com/DaanCrypto/status/1786749489287467519" target="_blank" rel="noopener nofollow">Daan Crypto Trades</a>
 </figcaption>
</figure>
An accompanying chart showed a clear divergence from the latest CME Group Bitcoin futures closing price, creating a “gap” that BTC/USD tends to fill later on.
Despite the impressive weekend performance, some were concerned about the overall strength of the market in the absence of TradFi participation.
Keith Alan, co-founder of trading resource Material Indicators, <a href="https://twitter.com/KAProductions/status/1786747491150331961" target="_blank" rel="noopener nofollow">warned</a> that a correction could easily come thanks to thin order book liquidity.
“Looking for bid liquidity to replenish to keep this rally going,” he told X followers, reposting an order book chart from Material Indicators. 
<blockquote data-ct-non-breakable="true">
 “Otherwise, it isn’t going to take much to dump through thin liquidity.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/16c381be-64b7-4a95-816e-35a8279b497b.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT order book liquidity on Binance. Source: Material Indicators
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</figure>
<h2 data-ct-non-breakable="true" id="analysis-btc-price-still-below-main-resistance">Analysis: BTC price still below "main resistance"</h2>
<a href="https://twitter.com/CredibleCrypto/status/1786678084827050322/photo/1" target="_blank" rel="noopener nofollow">Summarizing</a> his market views, meanwhile, popular trader and commentator Credible Crypto said that conditions might favor going short BTC below “main resistance” around $69,000.
Related:&nbsp;<a href="https://cointelegraph.com/news/price-analysis-5-3-btc-eth-bnb-sol-xrp-doge-ton-ada-avax-shib">Price analysis 5/3: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB</a>
Uploading a chart to X, he forecast two possible outcomes for current BTC price action, with the current area comparatively short on liquidity.
“Green path is ideal. We hold the local highs we broke above and continue up to the major resistance. This will allow me to fill shorts on a number of alts across the board. Red path is not ideal. We fail to hold this reclaim, see an ‘early’ breakdown, and ideal short zones for most alts I'm eyeing up are not met,” he wrote.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/14db6628-d9a4-41e6-a19f-593963c3025b.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Credible Crypto/
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</figure>
Credible Crypto added that long BTC positions would be of interest should BTC/USD dip below $56,000.
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 opens $63K futures gap as thin liquidity threatens BTC price

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