Bitcoin (BTC) pushed to $64,500 on May 4 as out-of-hours trading produced fresh BTC price gains.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin ups volatility as weekend begins
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 April’s 15% losses.
BTC/USD monthly returns (screenshot). Source: CoinGlass
“Had a great push into the market close yesterday,” popular trader Daan Crypto Trades reacted in part of his latest coverage on X.
“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.”BTC/USD chart with CME futures data. Source: Daan Crypto Trades
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.
“Otherwise, it isn’t going to take much to dump through thin liquidity.”BTC/USDT order book liquidity on Binance. Source: Material Indicators
Analysis: BTC price still below “main resistance”
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.
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