As an experienced financial analyst, I find the current Bitcoin (BTC) market situation intriguing. The persisting pressure on overhead liquidity is being closely monitored, with several bullish signals stacking up for BTC.
On May 17, Bitcoin (BTC) continued to apply pressure on existing resistance levels, with technical analysts looking forward to potential new “golden crosses” emerging on smaller charts.
Bitcoin chart bull signals stack up
As a researcher analyzing cryptocurrency market data, I’ve observed that the price of Bitcoin, according to CryptoMoon Markets Pro and TradingView, has been hovering close to its peak values recorded in mid-April.
At a price point of $67,000 and higher, there was a significant amount of liquidity in play, equivalent to approximately $75 million according to data from CoinGlass.
Despite being below the record highs set in 2021 and 2024, Bitcoin continues to generate interest among market participants. Notable pseudonymous trader “Moustache” has drawn attention to two distinctive trendlines.
“The ‘Golden Cross’ event for Bitcoin on the 12-hour chart is about to occur, according to his recent update on platform X.”
When a short-term moving average surpasses a longer-term moving average for the first time since last October, this event is known as a golden cross. This occurred right before Bitcoin experienced most of its recent price increases.
I’ve analyzed the trend and noticed that the last bullish crossover occurred approximately half a year ago. Since then, Bitcoin has experienced a significant surge, increasing by more than 170%.
Fellow trader Titan of Crypto suggested that the Ichimoku Cloud indicator may copy the trend.
It appears that Bitcoin’s price behavior is mirroring an earlier pattern from the year 2024, as mentioned in a recent post on Reddit. Furthermore, the Ichimoku indicators indicated a significant increase of over 60% for the BTC/USD pair when these specific conditions were last met.
Ichimoku Cloud reinforces $60,000 BTC price support
Moving forward, the influential figure in crypto circles, also known as Titan of Crypto, observed a transaction involving a $60,000 transfer from the resistance level to the support level.
According to CryptoMoon’s latest report, several bull market trendlines in that region have intersected, creating a significant convergence point.
The short-term holding price and the 100-day moving average are included in this group, with the latter experiencing a quick rise and currently surpassing $62,000.
“According to the Titan of Crypto, Bitcoin has successfully transformed its past resistance level into a new support level, as depicted in the Ichimoku chart.”
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2024-05-17 18:22