Bitcoin (BTC) maintained its dominance over the market on May 17, as experts observed a potential golden cross formation on lower timeframes.
BTC/USD 4-hour chart. Source: TradingView
The price of Bitcoin remained near its highest levels since mid-April, according to data from Cointelegraph Markets Pro and TradingView. However, there was strong overhead liquidity at the $67,000 level and above, totaling around $75 million at the time of writing, as reported by monitoring resource CoinGlass.
BTC liquidation heatmap (screenshot). Source: CoinGlass
Despite not reaching its all-time highs from 2024 and 2021, Bitcoin continued to excite market observers. Prominent trader Moustache pointed out two trendlines, suggesting an imminent golden cross formation.
In one of his recent posts on X (formerly Twitter), Moustache stated, “Golden Cross (12h-Chart) of $BTC is imminent.” A golden cross occurs when a shorter-term moving average crosses above a longer-term equivalent. The last golden cross occurred in October last year, just before Bitcoin experienced significant gains.
Moustache added, “The last bullish cross was over six months ago. Bitcoin has risen by over 170% since then.”
BTC/USD with golden cross events. Source: Moustache/X
Another trader, Titan of Crypto, noted similarities between the current market pattern and that of early 2024. In a post on X, they stated, “BTC seems to be repeating the same pattern from early 2024,” highlighting that BTC/USD saw an increase of more than 60% when the Ichimoku Cloud requirements were last met.
Source: Titan of Crypto
Additionally, Titan of Crypto highlighted the transfer of $60,000 from resistance to support. This area contains various bull market trendlines, including the short-term holder realized price and the 100-day moving average, which is currently above $62,000.
“BTC is perfectly flipping previous resistance into support,” summarized Titan of Crypto alongside an Ichimoku chart.
BTC/USD chart with Ichimoku data. Source: Titan of Crypto/X
This article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions, as every move in the market carries a certain level of risk.