Bitcoin (BTC) continued to put pressure on higher liquidity levels on May 17, as analysts noted the emergence of a new “golden cross” on lower timeframes.
BTC price action remained near its highest levels since mid-April, according to data from Cointelegraph Markets Pro and TradingView. Liquidity at $67,000 and above continued to act as a barrier to further gains, with approximately $75 million worth of liquidity at that level, as reported by monitoring resource CoinGlass.
Although Bitcoin is still below its all-time highs from 2024 and 2021, it has attracted the attention of market observers. Pseudonymous trader Moustache highlighted the imminent golden cross in one of his recent posts on X (formerly Twitter). A golden cross occurs when a shorter-term moving average crosses above a longer-term equivalent, and the last occurrence took place in October last year, just before Bitcoin experienced significant gains.
“The last bullish cross was over six months ago. Bitcoin has risen by over 170% since then,” Moustache added.
Another trader, Titan of Crypto, suggested that the Ichimoku Cloud indicator could replicate the same trend. In a post on X, Titan of Crypto stated that BTC appears to be following the same pattern as early 2024, and when the Ichimoku requirements were last met, BTC/USD saw an upside of more than 60%.
Titan of Crypto also noted that $60,000 has transitioned from resistance to support. This price level contains several bull market trendlines, including the short-term holder realized price and the 100-day moving average, which is now above $62,000.
In summary, Bitcoin is showing signs of a potential golden cross on lower timeframes, which could indicate further upward momentum. The Ichimoku Cloud indicator also suggests a similar pattern to previous bullish movements. Additionally, $60,000 has shifted from resistance to support, reinforcing the positive sentiment surrounding BTC. As always, it is important for readers to conduct their own research before making any investment or trading decisions.