Oobit

Bitcoin

when

Spot

<a href="https://coinmarketcap.com/currencies/bitcoin/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> 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.
READ MORE: <a href="https://www.cryptointelligence.co.uk/oobit-mobile-payment-app-integrates-with-tethers-usdt-and-xaut-on-ton-for-streamlined-transactions/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Oobit Mobile Payment App Integrates with Tether’s USDT and XAUt on TON for Streamlined Transactions</a>
“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.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

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

Crypto Intelligence

Other articles published on May 20, 2024

Secret Network and Their New Grants Program

Ethereum Nears Crucial Breakout: Could $4,000 Be The Next Move?

Solana (SOL), Pepe (PEPE), and Rollblock (RBLK): 3 Coins To Hold For 10x Gains This Crypto Bull Run

BingX Celebrates 6th Anniversary with ExpansionX Strategy, $13M USDT Prize Pool

Top 5 Altcoins with Strong Community Support

Ethereum Gains Attention After Whale Activity and ETF News

Join our free newsletter for daily crypto updates!