Bitcoin bulls are trying to chase BTC sellers away from the $64,000 price level, according to several traders and analysts on the social medium X.
Bitcoin bulls want to push out bears at $64,000
The bitcoin price is quite volatile this Tuesday with a high of $65,513 and a low of $62,720 on the same day. Apparently the current market is not liquid enough to prevent such fluctuations. It leads to liquidations of both long and short positions on the derivatives market. Bitcoin bulls wanted to place orders above $64,000, according to data from CoinGlass. But that only worked for a while, because at the time of writing the price is already trading below $64,000.
According to popular trader Daan Crypto Trades, the futures gap that emerged over the weekend on the CME exchange has already closed. “It took several hours after the futures reopened, but the gap already closed on Monday, which we see quite often.”
Fellow trader Skew says there are several key levels to watch out for going forward. “The price is currently still hovering around $64,000.” The recovery from two-month lows near $58,000 sets this bull market apart from that of 2021 when bitcoin first attacked that level, all thanks to demand from spot buyers.
US, Hong Kong Bitcoin ETF Story Turns Bullish
In terms of demand, providers of US spot bitcoin exchange-traded funds (ETFs) had a strong day of inflows on May 6. According to British investment firm Farside, all ten spot ETFs — including the Grayscale Bitcoin Trust (GBTC) — saw neutral positive flows. These totaled $217 million.
On May 3, GBTC saw its first day of net inflows since converting to an ETF. “As long as inflows remain positive, the stock will be gobbled up, so that’s generally quite bullish,” writes popular Flemish commentator WhalePanda on with consistent $8-9 million.”
