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

Bitcoin kept up the pressure on overhead liquidity on May 17 as analysis eyed a new golden cross on lower timeframes.

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).

"The last bullish cross was over six months ago. Bitcoin has risen by over 170% since then," Moustache added.

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.