2024

Bitcoin

when

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) maintains pressure on overhead liquidity, with market analysis focusing on a potential new “golden cross”.</li>
 <li>Liquidity at $67,000 and above remains a limiting factor, totaling around $75 million at the time of writing.</li>
</ul>
<p>Bitcoin (BTC) continued to exert pressure on overhead liquidity on May 17, with market analysis focusing on a possible new “golden cross” on lower timeframes.</p>
<h2 id="bitcoin-chart-bullish-indicators">Bitcoin Chart Bullish Indicators</h2>
<p>The BTC price action hovered near its highest levels since mid-April. At the time of writing, liquidity at $67,000 and above, which has been limiting upside potential, amounted to approximately $75 million, as per data from CoinGlass.</p>
<p>Despite being below both 2024 and 2021 all-time highs, Bitcoin has sparked interest among market observers. A popular pseudonymous trader, Moustache, highlighted two specific trendlines.</p>
<h2 id="imminent-golden-cross">Imminent Golden Cross</h2>
<p>Moustache indicated that a “Golden Cross” of BTC is imminent on the 12-hour chart. A golden cross occurs when a shorter-term moving average crosses above a longer-term equivalent. The last time this happened was in October of the previous year, just before Bitcoin made most of its recent gains.</p>
<p>“The last bullish cross was over six months ago. Since then, Bitcoin has risen by over 170%,” Moustache added.</p>
<p>Another trader, Titan of Crypto, suggested that the Ichimoku Cloud indicator might follow the same trend. “BTC seems to be repeating the same pattern from early 2024,” he mentioned in a post on May 16, adding that BTC/USD had an upside of more than 60% when the Ichimoku requirements were last met.</p>
<h2 id="ichimoku-cloud-supports-60-000-btc-price">Ichimoku Cloud Supports $60,000 BTC Price</h2>
<p>Titan of Crypto was among those who noted a shift of $60,000 from resistance to support. That area includes various bull market trendlines, all converging at the same point. Among them are the short-term holder realized price and the 100-day moving average, which is rising quickly and is now above $62,000.</p>
<p>“BTC is perfectly flipping previous resistance into support,” Titan of Crypto summarized alongside an Ichimoku chart.</p>

‘Golden Cross’ Anticipates 170% Surge in Bitcoin Value: Prepare for Upswing

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