Cloud Hosting

Bitcoin (BTC) pushed to $64,500 on May 4 as out-of-hours trading produced fresh BTC price gains.

Data from Cointelegraph Markets Pro and TradingView 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 first inflows for the Grayscale Bitcoin Trust (GBTC) in nearly three months.

BTC/USD was up 5% month-to-date at the time of writing, per data from monitoring resource CoinGlass, already contrasting with Aprils 15% losses.

Had a great push into the market close yesterday, popular trader Daan Crypto Trades reacted in part of his latest coverage on X.

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, warned 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.

Summarizing 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:Price analysis 5/3: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

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.

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.

Continued here:
Bitcoin opens $63K futures gap as thin liquidity threatens BTC price - Cointelegraph