Bitcoin (BTC) saw a new BTC price rise in after-hours trading, rising to $64,500 on May 4th.
Bitcoin volatility increases as the weekend begins
Cointelegraph Markets Pro and TradingView Bitstamp confirmed a local high of $64,522, marking a new May high.
The strength in the US jobs report supported recovery signals in the crypto market, including the first inflow into the Grayscale Bitcoin Trust (GBTC) in nearly three months, which gained momentum into the close.
According to data from monitoring resources, BTC/USD was up 5% month-to-date at the time of writing. coin glassalready in contrast to April’s 15% loss.
Popular trader Daan Crypto Trades said, “Yesterday’s market closing price was pushed up a lot.” reacted Some of his latest coverage on X (formerly Twitter).
“I like how the chart is forming on the higher time frames, but I am going to wait patiently and not start adding green candlesticks over the weekend. We will see how this plays out. Sho.”
The attached chart shows a clear divergence from the latest CME Group Bitcoin futures closing price, creating a “gap” that BTC/USD tends to fill later.
Despite the weekend’s impressive performance, some were concerned about the overall strength of the market due to the lack of participation in TradFi.
Keith Allan, Co-Founder of Trading Resource Material Indicators; warned We believe that corrections can easily occur due to the thin liquidity of the order book.
“Looking for bid liquidity to replenish to continue this rally,” he told his X followers who were retweeting Material Indicators’ order book chart.
“Otherwise, it won’t take long to let go of thin liquidity.”
Analysis: BTC Price Still Below the “Main Resistance Line”
summarize Meanwhile, popular trader and commentator Credible Crypto’s market view said that conditions could be favorable for shorting BTC below the “key resistance” around $69,000.
Related: Price Analysis 5/3: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
He uploaded a chart to X and predicted two possible outcomes for the current price movement of BTC due to the relative lack of liquidity in the current area.
“Greenway is ideal. We maintain the local highs we broke out of and continue up to the major resistance line. This allows us to fill in the gaps across the board with a number of alternatives. The red path is not ideal. We will not be able to sustain this recovery and we will see an “early” collapse and the ideal short zone for most of the alternatives I am looking at will be filled. “No,” he wrote.
Credible Crypto added that a long BTC position would be interesting if BTC/USD falls below $56,000.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
