It has been a golden week for Bitcoin price action and according to multiple analysts Bitcoin is expecting a "golden crossover" similar to the one that triggered the last 170% rally, the truth is that the week presented an increase of over 10%.

This 10%+ increase has restored optimism for bulls, and even according to William Suberg, "Bitcoin kept the pressure on liquidity at the top on May 17, as analysts pointed to a new "golden crossover" on lower timeframes."

Likewise the bullish signals on the Bitcoin chart are accumulating, "Liquidity of USD 67,000 and above continued to be a force holding back the upside, totaling around USD 75 million at the time of writing, according to data from monitoring resource CoinGlass"

The truth is, "Although still below the all-time highs of 2024 and 2021, Bitcoin excited market watchers, and popular pseudonymous trader Moustache highlighted two trendlines in particular."

For those who don't know, "A golden crossover occurs when a shorter-term moving average crosses above its longer-term equivalent, and the last time occurred in October last year, just before Bitcoin posted most of its recent gains"

SOURCES CONSULTED

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

OBSERVATION:

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph

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