Bitcoin (BTC) continued its pressure on indirect liquidity on May 17 as analysis predicted a new “golden cross” in the lower period.
Bitcoin chart bullish signals pile up
Data from Cointelegraph Markets Pro and TradingView shows BTC price action is near its highest level since mid-April.
Liquidity above $67,000 remains a force for upside, totaling $75 million at the time of writing, according to data from monitoring resource CoinGlass.
Bitcoin is still below its 2024 and 2021 all-time highs, but it has nonetheless excited market observers, with popular pseudonym trader Mustache highlighting two trend lines in particular.
“$BTC’s golden cross (12-hour chart) is imminent,” he said in some of his recent posts on X (formerly Twitter).
A golden cross occurs when a short-term moving average crosses a long-term moving average, the last one occurring in October of last year, just before Bitcoin significantly extended its recent gains.
“The last bullish crossover was six months ago. Bitcoin is up more than 170% since then,” Mustache added.
Fellow trader Titan of Crypto suggested that the Ichimoku Cloud indicator could be copying the trend.
“BTC appears to be repeating the same pattern from early 2024,” reads part of
Ichimoku Cloud strengthens support for $60,000 BTC price
Moving on, Titan of Crypto was among those who noted a $60,000 transfer from resistance to support.
Related: Bitcoin ETF Trading Volume Hits 7-Week High as BTC Price Approaches $67,000.
As Cointelegraph reports, the area contains a variety of bullish trend lines, which are now all converging into one place.
Among them are the short-term holder realized price and the 100-day moving average, the latter of which has risen quickly and is now above $62,000.
“BTC is perfectly converting previous resistance into support,” Crypto’s Titan summarized along with the Ichimoku chart.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.