Bitcoin Falls to $75,000 Range Despite Stock Rally as Golden Cross Looms

Bitcoin fell into the $75,000 range, diverging from a rally in global equities.

CoinDesk reported on May 26 that Bitcoin dropped as low as $75,498 during Asian trading hours. XRP, Ether and Solana also fell about 1% over the same period.

Traders are focused on key moving averages on Bitcoin’s chart. Alex Kuptsikevich, an analyst at FXPro, said Bitcoin is holding support at its 50-day moving average, near $76,000, while the 200-day moving average, around $82,500, had acted as resistance earlier.

He expects the two averages to form a golden cross in the coming weeks. The pattern is generally interpreted as a medium- to long-term bullish signal.

Kuptsikevich added that whichever moving average gives way first before the crossover could determine the direction of the crypto market in the weeks ahead.

Institutional flows remain weak. CryptoQuant contributor CryptoOnchain said U.S. spot Bitcoin ETFs have recorded about $1.74 billion of net outflows over the past two weeks.

CoinDesk also said retail investors are increasing leveraged positions even as institutional money continues to leave the market. That combination has often preceded sharp liquidation events in the past, the report said.

Joel Kruger, a market strategist at LMAX Group, said Ether is now the most important chart to watch. A break above $2,400 could signal a return of institutional inflows.