Bitcoin fell to $75,498 in Asian time on Tuesday, as the cryptocurrency market struggled to keep pace with the rally that had pushed global stocks to record highs overnight.
XRP, Ether, and Solana each fell as much as 1% over the past day, while Zcash (ZEC) fell 9% to $564, the biggest move among the top 15, according to CoinDesk data. Hyper Liquid (HYPE) is up 1.4% on the day at $59.99 and currently sits just behind Dogecoin in market capitalization. Tron (TRX) has had a quiet performance over the last week, steadily rising while the rest of the majors maintain a tight range.
What traders are currently focused on is a setup forming on Bitcoin charts. FXPro analyst Alex Kupczykevich said in an email that prices are finding support near the rising 50-day moving average, but the 200-day moving average briefly acted as resistance in early May.
These two lines are expected to intersect in the coming weeks, a setting known as a golden cross, which is commonly read as a bullish signal. He said that a break from either moving average before the crossover could determine the direction of the crypto market in the coming weeks.
Flow data is not very promising. According to CryptoOnchain, US spot Bitcoin ETFs have seen $1.74 billion in withdrawals over the past two weeks. Meanwhile, individual traders have been adding leverage, a combination that has historically preceded a sharp liquidation cascade when the market rebels against the crowd.
This pattern is emerging at a time when the broader market is questioning which assets will give the signal first. Joel Krueger, market strategist at LMAX Group, said Ether remains an important chart to watch, and repeated failures before $2,400 have reinforced the importance of that resistance zone.
Krueger said a decisive daily close above $2,400 would likely signal a major technical change and bring in new institutional investor participation.
The U.S. Securities and Exchange Commission on Monday approved the listing of options on a Bitcoin index calculated from BTC prices on multiple exchanges, adding another piece to the institutional puzzle. This is the first product of its kind, with existing crypto options on US stock exchanges limited to those related to spot ETF stocks.
Meanwhile, stock prices went in the opposite direction overnight.
The MSCI All-Country World Index rose for the sixth day in a row, hitting a record high. South Korea’s Kospi is up nearly 100% year-on-year, making it the best-performing major stock index globally. Micron Technology soared 19% in U.S. trading, giving it a market capitalization of more than $1 trillion, joining SK Hynix in similar semiconductor stocks. Brent crude oil fell 1.5% to $98 a barrel on signs of progress in negotiations between the United States and Iran. Government bond yields fell slightly, with the 10-year bond yield at 4.47%.
Bitcoin’s lag against stocks has been one of the cleanest market signals over the past month. Whether this gap closes due to a chip-driven stock decline or a Bitcoin catch-up will depend on which side of the moving average crosses first.
