- Lower periods are where Bitcoin is giving out bull signs, but can the price action of BTC overcome significant resistance?
On May 17, the pressure on overhead liquidity persisted as Bitcoin BTC tickers down $70,975 as analysis pointed to a new golden cross on shorter timeframes.
Bull indications on the Bitcoin chart stack up
The price of bitcoin is still hovering around its highest levels since mid-April, according to data.
According to statistics from monitoring resource CoinGlass, liquidity above $67,000 and above continued to be a force restraining upside, with this amount totaling over $75 million at the time of writing.
Even while it is still below the all-time highs for both 2024 and 2021, Bitcoin continued to thrill market analysts; well-known trader Moustache, who goes by Moustache, highlighted two trendlines in particular.
In a portion of one of his most recent tweets on X (previously Twitter), he informed followers that the Golden Cross (12h-Chart) of $BTC was approaching.
A golden cross happens when a moving average with a shorter duration crosses over one with a longer duration; the most recent instance occurred in October of last year, right before Bitcoin made the majority of its most recent gains.
Over half a year has passed since the last bullish cross. Since then, Bitcoin has increased by nearly 170%, according to Moustache.
Titan of Crypto, a fellow trader, proposed that the Ichimoku Cloud indicator might replicate the pattern.
According to a portion of an X post seen on May 16, Bitcoin appears to be following the same pattern from early 2024. It also added that when Ichimoku conditions were previously completed, BTC/USD saw an increase of more than 60%.
Ichimoku Cloud maintains support for the $60,000 BTC price
Titan of Crypto continued, citing that $60,000 had moved from resistance to support.
Among these are the 100-day moving average, which has been climbing quickly and is currently above $62,000, and the short-term holder realized price.
Titan of Crypto summarized, “BTC is perfectly flipping previous resistance into support,” accompanied by an Ichimoku chart.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
