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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"
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SOURCES CONSULTED
Cointelegraph. Bitcoin preps ‘golden cross,’ which last sparked 170% BTC price gains. Link
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OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
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