Prepare for the "golden cross," which last caused a 170% increase in the price of BTC.
Lower periods are where Bitcoin is giving out bull signs, but can the price action of BTC overcome significant resistance?
Bull indications on the Bitcoin chart stack up
The price of bitcoin is still hovering around its highest levels since mid-April, according to data from TradingView and Cointelegraph Markets Pro.
According to statistics from monitoring resource CoinGlass, liquidity above $67,000 and above continued to be a force restraining upside, with this amount totaling over $75 million at the time of writing.
Even while it is still below the all-time highs for both 2024 and 2021, Bitcoin continued to thrill market analysts; well-known trader Moustache, who goes by Moustache, highlighted two trendlines in particular.
In a recent post on X (previously Twitter), he teased followers that the $BTC "Golden Cross (12h-Chart) is imminent."
A golden cross happens when a moving average with a shorter duration crosses over one with a longer duration; the most recent instance occurred in October of last year, right before Bitcoin made the majority of its most recent gains.
It has been more than six months since the last bullish cross. Since then, Bitcoin has increased by more than 170%, Moustache continued.
Titan of Crypto, a fellow trader, proposed that the Ichimoku Cloud indicator might replicate the pattern.
Part of an X post on May 16 stated, "BTC seems to be repeating the same pattern from early 2024," and it added that when Ichimoku conditions were last completed, BTC/USD saw an increase of more than 60%.
