Recent price movements in both the stock and crypto markets suggest a resurgence of bullish sentiment.
On Monday, the S&P 500 climbed 1.7%, extending last week’s rally and successfully reclaiming its 200-day moving average (200 DMA). This key technical level, which reflects the average closing price over the past 200 trading days, is often viewed as a critical threshold for determining long-term market direction. The index’s recovery above this level suggests that the recent correction, which saw a nearly 10% decline, may have run its course.
Bitcoin (BTC) has followed a similar trajectory, surging past $88,000 after breaking through its own 200 DMA of $85,046 over the weekend. Historically, sustained movement above this level has signaled further upside potential for the cryptocurrency.
Traders are now eyeing $93,245 as the next key resistance level for Bitcoin. This price corresponds with the short-term holder realized price, which represents the average cost basis of recently transacted coins. If BTC maintains its momentum above the 200 DMA, it could pave the way for further gains in the coming weeks.
