Bitcoin's price has dipped to around $75,500, diverging from the rally of global stock markets, which are reaching new record highs. In the U.S., spot bitcoin ETFs have seen significant outflows, totaling $1.74 billion in the past two weeks, while retail traders are increasing their leverage, raising the potential for sharp liquidations.
The cryptocurrency market is currently watching for a potential 'golden cross' formation in bitcoin's moving averages, which could indicate future bullish trends. FXPro analyst Alex Kuptsikevich noted that bitcoin is finding support near the rising 50-day moving average, while the 200-day moving average has previously acted as resistance. The upcoming intersection of these averages may dictate market trends in the coming weeks.
In contrast, other cryptocurrencies have experienced slight declines, with Zcash (ZEC) suffering the largest drop of 9%, trading at $564. Meanwhile, the broader equity markets are performing robustly, with the MSCI All Country World Index hitting record highs and South Korea's Kospi index nearly doubling this year.
