Bitcoin (BTC) continued to put pressure on overhead liquidity on May 17, with analysts eyeing a potential golden cross formation on lower timeframes.
BTC price action remained near its highest levels since mid-April, with liquidity at $67,000 and above acting as a strong resistance level. However, market observers were excited by the prospect of a golden cross, where a shorter-term moving average crosses above a longer-term average. The last golden cross occurred in October last year, just before Bitcoin experienced significant gains.
Traders pointed out that the Ichimoku Cloud indicator also supported the bullish trend, with BTC potentially following a similar pattern from early 2024. The $60,000 level has now transitioned from resistance to support, with various bull market trendlines converging at this level.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment decisions.
Bitcoin prepares for a 'golden cross,' which previously triggered a 170% increase in BTC value.