Bitcoin (BTC) continued to put pressure on overhead liquidity on May 17 as analysts noted a potential “golden cross” on lower timeframes. BTC price action remained near its highest levels since mid-April, with liquidity at $67,000 and above acting as a resistance. Despite not reaching its all-time highs, Bitcoin excited market observers. Pseudonymous trader Moustache highlighted a potential golden cross on the 12-hour chart, which occurs when a shorter-term moving average crosses above a longer-term equivalent. The last bullish cross occurred in October last year, just before Bitcoin’s significant gains. Another trader, Titan of Crypto, noted that the Ichimoku Cloud indicator may follow a similar pattern seen in early 2021. The $60,000 level has now become support, with various bull market trendlines converging in that area. The short-term holder realized price and the 100-day moving average are among the indicators reinforcing this support level. This article does not provide investment advice, and readers are encouraged to conduct their own research before making any decisions.
"Bitcoin's Golden Cross: A Catalyst for 170% BTC Price Gains in the Making, Signifying a Potential 'Golden Cross' in the Cryptocurrency Market"