Bitcoin's price moved above $64,000 on May 7 as liquidity fluctuated on both sides of the order book. The price action aimed to grind down nearby sellers within a trading range that has been in place since May 3. Speculators had little chance to rest as sharp moves in either direction liquidated positions. Recent price action also saw the closure of the weekend's CME futures gap, with key levels like $61K and $67K being highlighted by traders for future trading decisions. In addition, the United States and Hong Kong spot Bitcoin exchange-traded funds (ETFs) experienced strong inflows, signaling positive demand in the market.
Keyword: Bitcoin, liquidity, trading range
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Last edited on: May 7, 2024 at 06:34 pm