Bitcoin (BTC) continued to put pressure on the upper level of liquidity on May 17, as analysts observed a potential “golden cross” formation on lower timeframes.
Data from Cointelegraph Markets Pro and TradingView showed that BTC’s price was hovering near its highest levels since mid-April. Liquidity above $67,000 was acting as a resistance level, with approximately $75 million worth of liquidity at that level, according to CoinGlass.
Despite not reaching its all-time highs of 2024 and 2021, Bitcoin excited market observers. A popular pseudonymous trader known as Moustache pointed out the imminent golden cross formation in a recent post on X (formerly Twitter). A golden cross occurs when a shorter-term moving average crosses above a longer-term moving average. The last golden cross occurred in October last year, which preceded Bitcoin’s significant price gains.
Moustache also noted that the last bullish cross happened over six months ago and Bitcoin has risen by over 170% since then.
Another trader, Titan of Crypto, suggested that the Ichimoku Cloud indicator could confirm this trend. In a post on X, Titan of Crypto stated that BTC appears to be repeating the same pattern as in early 2024, which resulted in a more than 60% increase in BTC/USD price when Ichimoku requirements were met.
Additionally, Titan of Crypto pointed out that $60,000 has turned from a resistance level to a support level. This area contains several bull market trendlines, including the short-term holder realized price and the 100-day moving average, which is currently above $62,000. Titan of Crypto summarized that BTC is successfully flipping previous resistance into support, as shown on an Ichimoku chart.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and make their own decisions when it comes to investments and trading, as they involve risks.