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Bitcoin Surges to $64,500, Marking Fresh Gains Amidst Bullish Momentum

Bitcoin surged to $64,500 on May 4 during after-hours trading, marking fresh gains in its price trajectory.

According to data from Cointelegraph Markets Pro and TradingView, Bitstamp recorded a new local high of $64,522, setting a new peak for May.

The momentum, fueled by positive United States employment data, continued to build until the daily close.

This was further supported by promising signs of recovery in the crypto market, notably with the Grayscale Bitcoin Trust (GBTC) witnessing its first inflows in nearly three months.

As of the time of reporting, BTC/USD had seen a 5% increase month-to-date, as per CoinGlass data, contrasting with the 15% losses experienced in April.

In response to the market movement, popular trader Daan Crypto Trades expressed cautious optimism, stating,

“Had a great push into the market close yesterday.”

However, he emphasized patience, refraining from adding positions during the weekend until further clarity emerged.

Analysts noted a noticeable deviation between the latest CME Group Bitcoin futures closing price and BTC/USD, suggesting a potential future correction to fill the gap.

Despite the weekend’s impressive performance, concerns lingered regarding the market’s resilience without traditional financial participants.

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Keith Alan, co-founder of trading resource Material Indicators, highlighted the risk of a correction due to thin order book liquidity.

Meanwhile, trader and commentator Credible Crypto suggested that shorting BTC might be favorable below the “main resistance” level around $69,000.

He outlined two potential scenarios for BTC price action, indicating that current levels lacked sufficient liquidity.

Credible Crypto also noted that long positions in BTC would be attractive if BTC/USD dipped below $56,000, suggesting a strategic entry point for investors.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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