Bitcoin is flashing bullish signals on shorter timeframes, but can the price overcome key resistance levels?
Bullish Signals Emerge
Price Action: Bitcoin continues to hover near its highest point since mid-April, with data from Cointelegraph Markets Pro and TradingView showing strong price action.
Resistance Levels: Liquidity at $67,000 remains a hurdle, with around $75 million concentrated there according to CoinGlass data.
Golden Cross on the Horizon?
Analyst Insights: Popular trader Moustache highlights a potential "golden cross" on the 12-hour chart. This bullish indicator, where a short-term moving average crosses above a longer-term one, last occurred before Bitcoin's significant gains in late 2023.
Historical Context: Moustache emphasizes that the last Golden Cross preceded a 170% price increase for Bitcoin.
Technical Indicators Paint a Bullish Picture
Ichimoku Cloud: Trader Titan of Crypto suggests the Ichimoku Cloud indicator might mirror the early 2024 pattern, potentially leading to a 60% price surge.
Support Levels: Titan of Crypto also observes a shift of support from the $60,000 resistance zone. This area coincides with crucial bull market trendlines, including the short-term holder realized price and the rising 100-day moving average.
Bitcoin's technical indicators are hinting at a potential bull run, with a golden cross and strong support levels emerging. However, overcoming the key resistance at $67,000 remains a critical hurdle.
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Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any investment decisions.
Source:CoinTelegraph
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