Technical indicators in both equities and crypto markets point to a potential return of bullish momentum.
The S&P 500 gained 1.7% on Monday, continuing last week’s rally and reclaiming its 200-day moving average (200 DMA) after experiencing a nearly 10% pullback in recent months. The 200 DMA, which tracks the average closing price over the past 200 trading days, is often viewed as a critical indicator of long-term market trends.
A similar breakout is occurring in Bitcoin (BTC), which has surged past $88,000 after decisively surpassing its own 200 DMA of $85,046 over the weekend. Historically, moves above this level have preceded further price appreciation.
The next major resistance level for Bitcoin is $93,245, aligning with the short-term holder realized price. This metric represents the average cost basis of recently moved coins, making it a key psychological and technical threshold. If Bitcoin can hold above its 200 DMA, traders may look for a continuation of the current uptrend.
About The Author
More Stories
Cryptocurrencies slide ahead of Monday, as the federal shutdown clock ticks down.
According to Bitwise CIO Matt Hougan, bitcoin has the potential to climb to $6.5 million over the next two decades
Anatomy of BTC’s selloff: the dollar’s bottom marked bitcoin’s top.