CoinDesk
Bitcoin slid to $75,498 in Asian hours on Tuesday, dragging the broader crypto market out of step with a global equity rally that pushed the MSCI All-Country World Index to a sixth straight record close. XRP, ether, and Solana were each down as much as 1% over 24 hours, while Zcash (ZEC) dropped 9% to $564 — the steepest single move among the top 15 names. Hyperliquid (HYPE) bucked the cohort at $59.99, up 1.4% on the day and now sitting just behind Dogecoin by market cap, while Tron (TRX) has been the quiet outperformer of the past week.
Why it matters
The technical tape is now the story. FXPro analyst Alex Kuptsikevich noted that bitcoin is finding support near a rising 50-day moving average, while the 200-day briefly acted as resistance earlier in May. The two lines are on track to cross in the coming weeks — a setup known as a golden cross — which is historically read as a bullish signal. A break of either moving average before the cross could set the direction for crypto markets through the next several weeks.
The flow picture is less encouraging. Spot bitcoin ETFs in the U.S. have bled $1.74 billion over the past two weeks, per CryptoOnchain, while retail traders keep adding leverage — a combination that has historically preceded sharp liquidation cascades when the market turns against the crowd.
Market impact
Joel Kruger, market strategist at LMAX Group, said ether remains the critical chart to watch, with repeated failures ahead of $2,400 reinforcing the importance of that resistance band. A decisive daily close above $2,400 would mark a major technical shift and likely draw renewed institutional participation, Kruger said. The SEC added another piece to that institutional puzzle on Monday, approving the listing of options on a bitcoin index calculated from BTC prices across multiple exchanges — the first instrument of its kind on U.S. venues, where existing crypto options are limited to those tied to spot ETF shares.
Equities went the other way overnight.
Frequently asked questions
-
What is a bitcoin golden cross and why are traders watching it now?
It is a setup where bitcoin's 50-day moving average crosses above the 200-day moving average. FXPro's Alex Kuptsikevich says the two lines are on track to cross in the coming weeks, with the 50-day now acting as support and the 200-day having briefly acted as resistance earlier in May.
-
Why are spot bitcoin ETFs bleeding while equities keep hitting records?
U.S. spot bitcoin ETFs have seen $1.74 billion in outflows over the past two weeks, per CryptoOnchain, while retail traders keep adding leverage — a combination that has historically preceded sharp liquidation cascades when the market turns.
-
What level on ether matters most right now?
LMAX Group strategist Joel Kruger says $2,400 is the critical resistance band. A decisive daily close above it would mark a major technical shift and likely draw renewed institutional participation.
-
What did the SEC approve on Monday?
The SEC approved the listing of options on a bitcoin index calculated from BTC prices across multiple exchanges — the first instrument of its kind on U.S. venues, where existing crypto options are limited to those tied to spot ETF shares.
-
How bad was the move in Zcash on Tuesday?
ZEC dropped 9% to $564 in 24 hours, the steepest single move among the top 15 cryptocurrencies by market cap, while XRP, ether and Solana were each down as much as 1%.
CryptoSlate
Crypto News
Lookonchain
CoinTelegraph
WatcherGuru