Bitcoin Price Hovers High: Indicators Hint at Potential Surge, $60,000 Transitions to Support
Summary:
On May 17, Bitcoin continues to prompt attention on the overhead liquidity as it hovers near its mid-April peak. Traders note potential indicators of a surge in the cryptocurrency's value, particularly highlighting an imminent "golden cross" on the 12-hour chart. Furthermore, the $60,000 mark, which includes various bull market trendlines, appears to be transitioning from resistance to support, hinting at optimistic market prospects.
On May 17, Bitcoin (BTC) continued to exert pressure on the overhead liquidity, as market experts evaluated a potential "golden cross" on the lower timeframes. BTC/USD 4-hour chart data from Cointelegraph Markets Pro and TradingView demonstrated that Bitcoin's price remained close to its mid-April peak. Overhead liquidity at and above $67,000 acted as a restricting factor, approximating to around $75 million at the time the article was written, as seen on CoinGlass data.
Despite Bitcoin not exceeding its record highs set in 2024 and 2021, market enthusiasts remained optimistic. Pseudonymous trader Moustache noted two trendlines indicative of an impending "golden cross" on the 12-hour chart. A golden cross, which signals when a shorter-term moving average surpasses a longer-term one, was last identified in October of the previous year, preceding a significant surge in Bitcoin's value.
Trader Titan of Crypto echoed these sentiments, interpreting the Ichimoku Cloud indicator as replicating a similar trend. He pointed to Bitcoin's similar pattern from early 2024, suggesting that if Ichimoku prerequisites are met again, the cryptocurrency's value might see an increase of over 60%.
Further, Titan of Crypto observed that the $60,000 mark was transitioning from resistance to support. Cointelegraph also highlighted that this range included multiple bull market trendlines converging at one point, such as the short-term holder realized price and the escalating 100-day moving average, currently exceeding $62,000.
In summary, Titan of Crypto emphasized that Bitcoin was effectively converting previous resistance points into support, noting this on an Ichimoku chart. Note: Investment and trading carry inherent risks, and readers are urged to conduct thorough research prior to making any investment decisions.
Published At
5/17/2024 6:06:05 PM
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