Bitcoin, Ethereum, Dogecoin Rally, As Market Sentiment Soars On Macro Data: 'Above $67,000 We Fly Like A Bird,' Claims Trader

Cryptocurrency markets on Friday are trading in the green, with the crypto king bouncing well above the $60,000 mark.

What Happened: Major cryptocurrencies are trading higher at the time of writing:

Prices as of 4 p.m. Eastern Time:

Cryptocurrency	Gains +/-	Price
Bitcoin BTC/USD	+4.5%	$61,753.69
Ethereum ETH/USD	+2.8%	$3,069.03
Solana SOL/USD	+2.8%	$141.64
Dogecoin DOGE/USD	+5.6%	$0.1401
Shiba Inu SHIB/USD	+4.4%	$0.00002398

Notable Statistics:

• In the past 24 hours, 46,494 traders were liquidated, with total crypto liquidations coming in at $139.22 million, $97.4 million of those in past 12 hours.
• Total exchange inflows surged to $1.8 billion from $1.59 billion the day prior, while total exchange outflows dropped to $1.27 billion from $1.44 billion in the same timeframe.
• Spot Bitcoin ETFs reported a net $34 million outflow, alongside Hong Kong’s Bitcoin and Ethereum spot ETFs combined trading volume of $6.3 million on May 3.
• In the past 24 hours, Bitcoin whales have accumulated 47,000 Bitcoin, based on CryptoQuant data tweeted by a heavily followed trader.

Notable Developments:

• Hong Kong Spot Bitcoin ETFs Do Have A ‘Benefit,’ Bloomberg ETF Analyst Points Out
• Why Bitcoin Spiked Above $62,000 Following The April Jobs Report
• SEC Delays Decision On Bitcoin And Carbon Credit Futures ETF

Top Gainers:

Cryptocurrency	Gains +/-	Price
Ordi ORDI/USD	+16.1%	$41.13
Hedera HBAR/USD	+15.6%	$0.1141
Pendle PENDLE/USD	+12.1%	$5.02

Also Read: Bitcoin Headed For A ‘W-Shaped Reversal,’ Says Crypto Expert, Who Sees Altseason ‘Around The Corner’

Analyst Notes: A heavily followed crypto trader, pseudonymously known as Poseidon, in his latest tweet claims that if Bitcoin breaks $67,000, there is nothing to stop it before $88,000.

$BTC H4

Price reclaimed back above range low, first sign for bottom but still price needs to do more than this. If we manage to reclaim above H4 ema200, it will be sign for trend shift.

Above $67k, we fly like a bird, nothing can stop us before $88k. pic.twitter.com/DOJqSbzJec

— Poseidon (@CryptoPoseidonn) May 3, 2024

Another on-chain trader and yield strategist, Wist, notes that Bitcoin was able to return to its previous price range. He adds that the price recovery left significant liquidity behind, signalling a likely price comeback. His analysis points to two zones of imbalances at $65,800 and $68,600.

What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Read Next: If Bitcoin Reclaims $62K, Trader Sees ‘Green Light For More Madness’