Bitcoin preps ‘golden cross,’ which last sparked 170% BTC price gains

William Suberg8 hours agoBitcoin preps ‘golden cross,’ which last sparked 170% BTC price gainsBitcoin is dishing out the bull signals on lower timeframes, but can BTC price action overcome key resistance?8812 Total views23 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) kept up the pressure on overhead liquidity on May 17 as analysis eyed a new golden cross on lower timeframes.BTC/USD 4-hour chart. Source: TradingViewBitcoin chart bull signals stack up

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

Liquidity at $67,000 and above remained a force containing upside, this totaling around $75 million at the time of writing, per data from monitoring resource CoinGlass.BTC liquidation heatmap (screenshot). Source: CoinGlass

While still below both 2024 and 2021 all-time highs, Bitcoin nonetheless excited market observers, with popular pseudonymous trader Moustache highlighting two trendlines in particular.

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

A golden cross occurs when a shorter-term moving average crosses above a longer-term equivalent, with the last occurrence in October last year — just before Bitcoin put in the bulk of its latest gains.

“The last bullish cross was over six months ago. Bitcoin has risen by over 170% since then,” Moustache added.BTC/USD with golden cross events. Source: Moustache/X

Fellow trader Titan of Crypto suggested that the Ichimoku Cloud indicator may copy the trend.

“BTC seems to be repeating the same pattern from early 2024,” part of an X post read on May 16, adding that BTC/USD put in upside of more than 60% when Ichimoku requirements were last met.Source: Titan of CryptoIchimoku Cloud reinforces $60,000 BTC price support

Continuing, Titan of Crypto was among those noting a transfer of $60,000 from resistance to support.

Related: Bitcoin ETF volumes hit 7-week high as BTC price nears $67K

As Cointelegraph reported, that area contains various bull market trendlines, all now converging in one place.

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

“BTC is perfectly flipping previous resistance into support,” Titan of Crypto summarized alongside an Ichimoku chart.BTC/USD chart with Ichimoku data. Source: Titan of Crypto/X

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