Bitcoin preps 'golden cross' which last sparked 170% BTC price gains
Bitcoin (BTC) kept up the pressure on overhead liquidity on May 17 as analysis eyed a new “golden cross” on lower timeframes.
Bitcoin chart bull signals stack up
Data from Cointelegraph Markets Pro and TradingView showed BTC price action lingering near its highest levels since mid-April.
Liquidity at $67,000 and above remained a force containing upside, this totaling around $75 million at the time of writing, per data from monitoring resource CoinGlass.
While still below both 2024 and 2021 all-time highs, Bitcoin nonetheless excited market observers, with popular pseudonymous trader Moustache highlighting two trendlines in particular.
“Golden Cross (12h-Chart) of $BTC is imminent,” he told followers in part of one of his latest posts on X (formerly Twitter).
A golden cross occurs when a shorter-term moving average crosses above a longer-term equivalent, with the last occurrence in October last year — just before Bitcoin put in the bulk of its latest gains.
“The last bullish cross was over six months ago. Bitcoin has risen by over 170% since then,” Moustache added.
Fellow trader Titan of Crypto suggested that the Ichimoku Cloud indicator may copy the trend.
“BTC seems to be repeating the same pattern from early 2024,” part of an X post read on May 16, adding that BTC/USD put in upside of more than 60% when Ichimoku requirements were last met.
Ichimoku Cloud reinforces $60,000 BTC price support
Continuing, Titan of Crypto was among those noting a transfer of $60,000 from resistance to support.
Related: Bitcoin ETF volumes hit 7-week high as BTC price nears $67K
As Cointelegraph reported, that area contains various bull market trendlines, all now converging in one place.
Among them are the short-term holder realized price and the 100-day moving average, the latter rising swiftly and now above $62,000.
“BTC is perfectly flipping previous resistance into support,” Titan of Crypto summarized alongside an Ichimoku chart.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
