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Bitcoin Eyes New Highs as Analysts Spot Imminent Golden Cross on Lower Timeframes

Bitcoin maintained upward pressure on liquidity on May 17 as analysts noted a potential golden cross on lower timeframes.

Data from Cointelegraph Markets Pro and TradingView showed BTC price action hovering near its highest levels since mid-April.

Liquidity at $67,000 and above continued to act as a barrier, with around $75 million at stake at the time of writing, according to monitoring resource CoinGlass.

Although still below its all-time highs of 2024 and 2021, Bitcoin sparked enthusiasm among market observers. Popular pseudonymous trader Moustache highlighted two significant trendlines.

“Golden Cross (12h-Chart) of $BTC is imminent,” he informed his followers in one of his recent posts on X (formerly Twitter).

A golden cross happens when a shorter-term moving average crosses above a longer-term one, with the last occurrence in October of the previous year — just before Bitcoin saw significant gains.

“The last bullish cross was over six months ago. Bitcoin has risen by over 170% since then,” Moustache noted.

Another trader, Titan of Crypto, suggested that the Ichimoku Cloud indicator might follow a similar trend.

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“BTC seems to be repeating the same pattern from early 2024,” a part of an X post on May 16 read, adding that BTC/USD saw an upside of more than 60% the last time Ichimoku requirements were met.

Titan of Crypto also pointed out a transfer of $60,000 from resistance to support.

As reported by Cointelegraph, this area includes various bull market trendlines, all converging in one place.

Among these are the short-term holder realized price and the 100-day moving average, the latter rising quickly and now above $62,000.

“BTC is perfectly flipping previous resistance into support,” Titan of Crypto summarized, sharing an Ichimoku chart.

Overall, Bitcoin’s current trajectory and technical indicators suggest a potentially bullish outlook, with significant levels being tested and possibly transformed into new support zones.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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