MarketsShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailBitcoin Approaches $75,000 as Traders Monitor 'Golden Cross', ZEC Drops 9%
A technical formation emerging on the bitcoin chart may determine the next market movement, as bitcoin experiences a decline while global stock markets reach record highs.
By Shaurya Malwa May 27, 2026, 4:35 a.m. 2 min readMake preferred on
Key Highlights:
- Bitcoin has decreased to approximately $75,500, diverging from the rally in global stock markets that are reaching new all-time highs.
- Market watchers are closely observing a potential golden cross in bitcoin’s moving averages and a significant resistance level around $2,400 in ether, which could influence crypto prices in the near future.
- In the U.S., spot bitcoin ETFs have recorded $1.74 billion in outflows, while retail traders are increasing leverage, which raises the risk of significant liquidations, despite new SEC-approved bitcoin index options meant for institutional players.
During Asian trading hours on Tuesday, bitcoin dropped to $75,498, contrasting with a surge in global equities that reached record highs overnight.
Other cryptocurrencies like XRP, ether, and Solana saw declines of up to 1% within the last 24 hours, according to CoinDesk data, while Zcash (ZEC) experienced a notable 9% drop to $564, the largest decline among the top 15 cryptocurrencies. Hyperliquid (HYPE), however, increased by 1.4% to $59.99, closely trailing Dogecoin in market capitalization. Tron (TRX) has shown steady growth over the past week amidst a largely stagnant market for other major cryptocurrencies.
Currently, traders are paying attention to a setup developing on bitcoin's chart. FXPro analyst Alex Kuptsikevich noted in an email that bitcoin's price is finding support close to the rising 50-day moving average, with the 200-day moving average having acted as resistance earlier in May.
The two moving averages are anticipated to intersect in the upcoming weeks, forming a golden cross, which is typically interpreted as a bullish indicator. Kuptsikevich mentioned that a breach of either moving average before this cross may dictate the trend for the crypto markets over the next few weeks.
However, recent flow data has not been as promising. U.S. spot bitcoin ETFs reported $1.74 billion in withdrawals over the last two weeks, as reported by CryptoOnchain. Retail traders have been increasing their leverage, a combination that historically leads to sharp liquidation events when market sentiment shifts negatively.
This trend coincides with broader market speculation about which asset will signal the next move first. Joel Kruger, a market strategist at LMAX Group, pointed out that ether is the crucial chart to monitor, with repeated failures to break above $2,400 underscoring the significance of that resistance level.
Kruger stated that a decisive daily close above $2,400 could represent a major technical shift and likely attract renewed institutional interest.
In a related development, the U.S. Securities and Exchange Commission recently approved the listing of options on a bitcoin index that aggregates BTC prices from multiple exchanges. This marks the first instrument of its kind, as existing crypto options on U.S. stock exchanges have been limited to those linked to spot ETF shares.
In contrast, equities performed well overnight.
The MSCI All Country World Index achieved a record high for the sixth consecutive day. South Korea's Kospi index has surged nearly 100% this year, making it the top-performing major equity index globally. Micron Technology's stock rose by 19% in U.S. trading, pushing its market value past $1 trillion, joining SK Hynix at that valuation. Brent crude oil prices fell by 1.5% to $98 amid signs of progress in U.S.-Iran negotiations. Treasury yields saw a slight decline, with the 10-year yield at 4.47%.
The disparity between bitcoin's performance and equities has emerged as a significant market signal in recent weeks. Whether this gap narrows due to a correction in chip stocks or a rebound in bitcoin will depend on which moving average crosses first.
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