Bitcoin fell to around $75,498 during Asian trading hours on Tuesday, diverging from a broader equity rally that pushed global stock indices to fresh record highs overnight.
Across the crypto market, major tokens showed mild weakness. XRP, ether and Solana each declined by up to 1% over the past 24 hours, while Zcash (ZEC) stood out with a sharp 9% drop to $564, marking the steepest loss among the top 15 cryptocurrencies. In contrast, Hyperliquid (HYPE) rose 1.4% to $59.99, climbing the rankings to sit just behind Dogecoin by market capitalization. Tron (TRX) has also quietly outperformed over the past week, trending higher while most large-cap tokens traded sideways.
Attention is now centered on bitcoin’s moving averages. According to FXPro analyst Alex Kuptsikevich, the price is currently finding support near its rising 50-day moving average, while the 200-day moving average briefly capped gains earlier this month.
These two indicators are approaching a crossover — a formation known as a “golden cross,” typically viewed as a bullish signal. However, Kuptsikevich noted that a decisive break above or below either moving average before the crossover occurs could determine the market’s direction in the weeks ahead.
On the flows side, the picture is less supportive. U.S.-listed spot bitcoin ETFs have recorded $1.74 billion in outflows over the past two weeks, according to CryptoOnchain data. At the same time, retail traders have been increasing leverage, a combination that has historically preceded sharp liquidation events when sentiment reverses.
Broader market signals are also mixed. Joel Kruger, market strategist at LMAX Group, pointed to ether as a key asset to watch, noting that repeated failures to break above the $2,400 level reinforce it as a critical resistance zone. A strong daily close above that threshold could signal a broader technical shift and potentially draw renewed institutional interest.
Adding to the institutional backdrop, the U.S. Securities and Exchange Commission approved the listing of options tied to a bitcoin index derived from multiple exchange prices — the first such product of its kind. Until now, options trading on U.S. exchanges has been limited to instruments linked to spot bitcoin ETFs.
Meanwhile, traditional markets continue to rally. The MSCI All Country World Index extended its gains for a sixth consecutive day, hitting a new record high. South Korea’s Kospi has surged roughly 100% year-to-date, making it the top-performing major equity benchmark globally. In the U.S., Micron Technology jumped 19%, pushing its market value past $1 trillion and joining SK Hynix among leading semiconductor giants at that level.
In commodities and rates, Brent crude slipped 1.5% to $98 amid signs of progress in U.S.-Iran negotiations, while the 10-year U.S. Treasury yield edged lower to 4.47%.
Bitcoin’s underperformance relative to equities has become a defining theme in recent weeks. Whether that gap closes through a pullback in risk assets or a catch-up rally in crypto may hinge on how the current moving average setup resolves.
