Bitcoin preps 'golden cross' which last sparked 170% BTC price gains

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Cointelegraph2024/05/17 15:16

By:William Suberg

Bitcoin is dishing out the bull signals on lower timeframes, but can BTC price action overcome key resistance?

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Bitcoin ( BTC ) kept up the pressure on overhead liquidity on May 17 as analysis eyed a new “golden cross” on lower timeframes.

BTC/USD 4-hour chart. Source: TradingView

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 .

BTC liquidation heatmap (screenshot). Source: 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.

BTC/USD with golden cross events. Source: Moustache/X

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.

Source: Titan of Crypto

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.

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.

BTC/USD chart with Ichimoku data. Source: Titan of Crypto/X

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