Cryptocurrencies

Bitcoin (BTC) continued to pressure overall liquidity on May 17, as analysis was looking forward

Bitcoin (BTC) continued to pressure overall liquidity on May 17, with analysis eyeing a new “golden cross” on lower time frames.

BTC/USD 4-hour chart. Source: Trading View

Bullish signals are accumulating on the Bitcoin chart

Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin price action remains near its highest levels since mid-April.

Liquidity at $67,000 and above has remained a force containing the upside, totaling around $75 million at the time of writing, according to data from monitoring resource CoinGlass.

Bitcoin (Btc) Continued To Pressure Overall Liquidity On May 17, As Analysis Was Looking Forward
BTC Liquidation Heatmap (screenshot). Source: Coinglass

Although still below the all-time highs of 2024 and 2021, Bitcoin has excited market watchers, with the popular trader who goes by the pseudonym Mustache highlighting two trend lines in particular.

“The golden cross (12-hour chart) for BTC is imminent,” he told followers in part of his latest post on X (formerly Twitter).

A golden cross occurs when the short-term moving average exceeds its long-term equivalent, and the last occurrence was in October of last year – before Bitcoin made the bulk of its recent gains.

“The last bullish crossover was over six months ago. “Bitcoin has risen more than 170% since then,” Mustache added.

Bitcoin (Btc) Continued To Pressure Overall Liquidity On May 17, As Analysis Was Looking Forward
BTC/USD with golden cross events. Source: Al-Sharp/X

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

“BTC appears to be repeating the same pattern since early 2024,” part of X’s post read on May 16, adding that BTC/USD was up more than 60% when the Ichimoku requirement was last met.

Bitcoin (Btc) Continued To Pressure Overall Liquidity On May 17, As Analysis Was Looking Forward
Source: Titan Crypto

Ichimoku Cloud reinforces BTC price support at $60,000

Continuing, Titan of Crypto was among those who noticed $60,000 being turned from resistance to support.

Related: Bitcoin ETF Volumes Hit 7-Week High as BTC Price Closes to $67K

As Cointelegraph reported, this area contains several bull market trend lines, all of which are now converging in one place.

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

“BTC flips previous resistance into support perfectly,” the Titan of Crypto summed up alongside an Ichimoku chart.

Bitcoin (Btc) Continued To Pressure Overall Liquidity On May 17, As Analysis Was Looking Forward
BTC/USD chart with Ichimoku data. Source: Titan of Crypto/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.

sh-hakam.com

I am HAKAM web developer. From here you will get a lot of valuable information for free and a call for updates to WordPress and Blogger so that your sites are accepted in Google AdSense and also proper mastery of SEO and the best for the easiest.

Leave a Reply

Your email address will not be published. Required fields are marked *