Bitcoin has set a ‘Golden Cross’ which last saw a 170% BTC price gain.
Bitcoin (BTC) continued to face excessive liquidity pressure on May 17 as it saw a new “golden cross” on the smaller timeframes.
Bitcoin chart bull symbols are stacked.
Data from Cointelegraph Markets Pro and TradingView showed that BTC price action is at its highest level since mid-April.
Liquidity at $67,000 and above continues to be an upward force, totaling around $75 million at the time of writing, according to data tracked by CoinGlass.
While below both the 2024 and 2021 all-time highs, Bitcoin nonetheless excited market watchers, with the famous anonymous trader's mustache highlighting two trends in particular.
“The golden cross (12h-chart) is close for $BTC,” he told his followers on X (formerly Twitter) in one of his latest posts.
A golden cross occurs when the short-term moving average crosses above the long-term counterpart, the last event in October last year – before Bitcoin posted its most recent gains.
“The last bullish cross was six months ago. Since then, Bitcoin is up more than 170%,” Mustache added.
Crypto Titan Trader suggested that the Ichimoku Cloud indicator could record the trend.
“BTC seems to be repeating the same pattern from the beginning of 2024,” added the X post section read on May 16 when BTC/USD met the Ichimoku criteria above 60%.
Ichimoku Cloud Consolidates $60,000 BTC Price Support
Subsequently, the titan of crypto was among those who disclosed that $60,000 was transferred from support resistance.
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As Cointelegraph reports, that area contains a variety of bull market trends, all of which are now coming together in one place.
Among them are the short-term holder's guaranteed price and the 100-day moving average, the latter of which is rising rapidly and is now above $62,000.
“BTC is perfectly reversing its previous resistance to support,” Titan of Crypto summarized with an Ichimoku chart.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
