Bitcoin (BTC) Bulls Eye New Golden Cross as Price Pressure Builds on Overhead Liquidity
Bitcoin (BTC) continued to show strength on May 17 as it maintained pressure on overhead liquidity, with analysts eyeing a potential new golden cross on lower timeframes.
Data from Cointelegraph Markets Pro and TradingView indicated that BTC price action was hovering near its highest levels since mid-April. Liquidity at $67,000 and above was seen as a key resistance level, with around $75 million in liquidity at that level at the time of writing, according to CoinGlass.
Despite not yet reaching its 2024 and 2021 all-time highs, Bitcoin was still exciting market observers. Popular trader Moustache pointed out the potential for a golden cross on the 12-hour chart, a bullish signal that could lead to further gains for BTC. The last golden cross occurred in October last year, just before Bitcoin saw significant price increases.
Another trader, Titan of Crypto, noted that the Ichimoku Cloud indicator was showing a similar pattern to early 2024, suggesting that BTC could see upside of more than 60% if certain requirements were met.
Furthermore, there was a shift in the $60,000 level from resistance to support, with various bull market trendlines converging in that area. The short-term holder realized price and the 100-day moving average were both rising, with the latter now above $62,000.
Overall, Bitcoin was showing signs of strength and potential for further gains, with technical indicators pointing to a bullish outlook. As always, readers are advised to conduct their own research before making any investment decisions.
