Bitcoin maintained its grip on overhead liquidity on May 17, as analysts observed the formation of a new “golden cross” on shorter timeframes. Data from Markets Pro and TradingView indicated that BTC’s price action was hovering near its highest levels since the middle of April. The liquidity at $67,000 and higher continued to act as a barrier to further gains, equating to roughly $75 million at the time, according to data from CoinGlass.
Despite not yet reaching the peak values seen in 2024 and 2021, Bitcoin continues to attract attention from market analysts. The well-known pseudonymous trader, Moustache, focused on two significant trendlines. Describing a forthcoming golden cross on a 12-hour chart, Moustache informed his followers about this positive signal in one of his latest posts on X (formerly known as Twitter). A golden cross emerges when a shorter-term moving average crosses over a longer-term one, which last happened in October of the previous year, preceding a substantial rise in Bitcoin’s value.
Moustache highlighted the fact that the last bullish cross occurred over six months ago, a period during which Bitcoin’s value surged by more than 170%. Another trader, Titan of Crypto, suggested that the Ichimoku Cloud indicator could replicate this trend. On May 16, a post by Titan of Crypto mentioned that Bitcoin appeared to be mimicking a pattern from early 2024, a time when the cryptocurrency saw an increase of more than 60% after Ichimoku Cloud conditions were met.
Titan of Crypto remarked on the shift of the $60,000 level from being a resistance to becoming a support. As reported by , this price level includes several bull market trendlines, which are now converging. Among these trendlines are the short-term holder realized price and the rapidly rising 100-day moving average, which now surpasses $62,000.
This transition from resistance to support has been described by Titan of Crypto as a perfect flip, supporting his statement with an Ichimoku Cloud chart. The reinforcement of the $60,000 price level indicates a potential stronghold for future price stability.
Market observers remain optimistic, noting that these technical patterns and formations could signal further bullish momentum for Bitcoin. The combination of the golden cross and the reinforcement of key support levels is causing traders to maintain a positive outlook for the near-term future of the cryptocurrency.
The interaction of various technical indicators continues to fuel speculation about Bitcoin’s upcoming moves. If the patterns such as the golden cross and Ichimoku Cloud follow historical trends, Bitcoin could experience another substantial rally.
While challenges persist in overcoming certain liquidity thresholds, the ongoing analysis points to a resilient and potentially robust market structure for Bitcoin. Traders and analysts will undoubtedly keep a close watch on these developments, assessing both the immediate and longer-term impacts on the market.
The optimism from analysts seems overblown. Bitcoin’s volatility makes it hard to trust any of these patterns without seeing real results first.
Bitcoin’s resilience at the $60,000 mark is impressive. The market structure is looking robust!
Keeping a close watch on Bitcoin. The technical indicators look really promising. Golden cross, here we go! 💥💹
Another golden cross? We hear about these patterns all the time, but they never seem to lead to sustainable gains. Feeling skeptical.
I’ve seen enough perfect flips turn into major dips. Not buying into the hype until I see real, sustainable growth.
Great to see Bitcoin’s charts reinforcing optimism. The golden cross and market support are just what we needed!
Bitcoin reaching new heights again! This golden cross might just be the catalyst we’ve been waiting for.
Bitcoin continuing to attract analysts’ attention and for good reason. The technical setups are looking fantastic! 💼💰
Moustache’s golden cross insight is a game-changer. Bitcoin heading to the moon again?
Incredible insights from Moustache and Titan of Crypto! Seeing a golden cross again is such a bullish signal. Excited for what’s ahead! 🥳📊💰
Loving the optimism around Bitcoin right now! The technical patterns are strong. Here’s to hitting new all-time highs soon!
Great to see Bitcoin maintaining its stronghold around $60,000. The golden cross just adds more fuel to the fire!
The constant talk of resistance and support levels gets tiring fast. Bitcoin needs more than just favorable technical indicators to truly break out.
Securing $60,000 as support is huge for Bitcoin. Combine that with a golden cross and we’re in for a ride! 🚀
Bitcoin’s trajectory looks stellar! Golden cross, key support levels…the stars are aligning.
Bitcoin hovering around $60,000 doesn’t mean much when it can’t securely break through those liquidity thresholds. It’s just a waiting game. 🙁