Bitcoin (BTC) sustained overhead liquidity strain on Might 17 as evaluation checked out a brand new “golden cross” on decrease timeframes.
The bullish alerts on the Bitcoin chart are compounded
Knowledge from Cointelegraph Markets Professional and TradingView confirmed BTC worth dynamics lingering close to the best ranges since mid-April.
Liquidity at $67,000 and above remained a restraining pressure, sitting at about $75 million on the time of writing, in response to knowledge from monitoring useful resource CoinGlass.
Nonetheless beneath the all-time highs of 2024 and 2021, Bitcoin nonetheless excited market watchers, with standard dealer Mustache highlighting two development strains particularly.
“Golden cross (12-hour chart) $BTC is imminent,” he advised followers in one in all his newest posts on X (previously Twitter).
A golden cross happens when a short-term transferring common crosses a longer-term equal, most lately in October of final 12 months – simply earlier than Bitcoin made the majority of its latest beneficial properties.
“The final bull cross was greater than six months in the past. Since then, Bitcoin has appreciated by greater than 170%, Voos added.
One other dealer, Titan of Crypto, prompt that the Ichimoku Cloud indicator may very well be copying the development.
“BTC appears to be repeating the identical sample since early 2024,” X stated in a Might 16 submit, including that BTC/USD had rallied greater than 60% since Ichimoku necessities had been final met.
Ichimoku Cloud strengthens BTC worth assist at $60,000
Transferring on, the Titan of Crypto was amongst these to mark a transfer of $60,000 from resistance to assist.
Associated: Bitcoin ETF Volumes Hit 7-Week Excessive as BTC Closes to $67K
As reported by Cointelegraph, this space comprises numerous bull market development strains that at the moment are converging in a single place.
Amongst them is the short-term strike worth of the holder and the 100-day transferring common, with the latter rising quickly and now above $62,000.
“BTC is doing an awesome job of turning earlier resistance into assist,” Titan of Crypto summarized alongside an Ihimoku chart.
This text doesn’t include funding recommendation or suggestions. Any funding and buying and selling transfer entails danger and readers ought to do their very own analysis earlier than making a choice.
