Bitcoin

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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) kept up the pressure on overhead liquidity on May 17 as analysis eyed a new golden cross on lower timeframes.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/74c534f4-1e75-4b88-ae3d-d1a3672ea133.png" alt="" title="">
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 BTC/USD 4-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-chart-bull-signals-stack-up">Bitcoin chart bull signals stack up</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> 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 <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">CoinGlass</a>.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/6caf6586-3752-4103-b3c4-ca3f3086bd9f.png" alt="" title="">
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 BTC liquidation heatmap (screenshot). Source: CoinGlass
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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 <a href="https://x.com/el_crypto_prof/status/1791463052832886784/photo/1" target="_blank" rel="noopener nofollow">told</a> followers in part of one of his latest posts on X (formerly Twitter). 
A <a href="https://cointelegraph.com/news/what-is-a-golden-cross-pattern-and-how-does-it-work">golden cross</a> 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. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/78f93f35-af0c-4798-8b2b-7e9d609f98b8.jpeg" alt="" title="">
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 BTC/USD with golden cross events. Source: Moustache/X
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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.
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 Source: <a href="https://x.com/Washigorira/status/1791048592423018838" target="_blank" rel="noopener nofollow">Titan of Crypto</a>
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<h2 data-ct-non-breakable="true" id="ichimoku-cloud-reinforces-60-000-btc-price-support">Ichimoku Cloud reinforces $60,000 BTC price support</h2>
Continuing, Titan of Crypto was among those noting a transfer of $60,000 from resistance to support.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-etf-volumes-7-week-high-btc-price-67k">Bitcoin ETF volumes hit 7-week high as BTC price nears $67K</a>
As <a href="https://cointelegraph.com/news/bitcoin-price-failing-break-2-key-resistance-60k">Cointelegraph reported</a>, 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 <a href="https://x.com/Washigorira/status/1791408265084973064/photo/1" target="_blank" rel="noopener nofollow">summarized</a> alongside an Ichimoku chart.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/c0534d53-61cc-4a23-af69-bd54baa5d1f1.jpeg" alt="" title="">
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 BTC/USD chart with Ichimoku data. Source: Titan of Crypto/X
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin preps ‘golden cross,’ which last sparked 170% BTC price gains

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