BTC price threatened as Bitcoin futures gap opens at $63,000 due to scarce liquidity

Bitcoin (BTC) soared to $64,500 on May 4 as trading outside of regular hours led to further price gains for the cryptocurrency. The surge in strength came as data from Cointelegraph Markets Pro and TradingView confirmed new local highs of $64,522 on Bitstamp, marking a new peak for May. The positive momentum was fueled by encouraging signals of recovery in the crypto market, including the first inflows for the Grayscale Bitcoin Trust (GBTC) in nearly three months. At the time of writing, BTC/USD was up 5% for the month, in contrast to April’s 15% losses. However, despite the impressive weekend performance, concerns were raised about the overall strength of the market without the participation of traditional finance (TradFi). Keith Alan, co-founder of trading resource Material Indicators, warned that a correction could easily occur due to thin order book liquidity. In terms of analysis, popular trader and commentator Credible Crypto suggested that going short on BTC below the “main resistance” level of around $69,000 could be favorable. He also mentioned that long BTC positions would be of interest if BTC/USD were to dip below $56,000. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.