Bitcoin fell to $75,498 during Asian trading on Tuesday, diverging from the rally in global equities that pushed stock benchmarks to fresh highs overnight. CoinDesk data showed XRP, ether and Solana each down about 1% over the past 24 hours, while Zcash (ZEC) sank 9% to $564, the sharpest move among the top 15 crypto assets. Hyperliquid (HYPE) moved the other way, gaining 1.4% to $59.99 and sitting just behind Dogecoin by market capitalization. Tron (TRX) has also stood out over the past week with a steady climb while other majors stayed in relatively tight ranges.
Bitcoin chart tightens around two major moving averages
Traders are now focused on a technical setup building on the bitcoin chart. FXPro analyst Alex Kuptsikevich said the price is finding support near the rising 50-day moving average, while the 200-day moving average briefly acted as resistance earlier in May. If the current trajectory holds, the two lines are set to cross in the coming weeks in what markets call a golden cross, a pattern commonly read as bullish.
The signal is not confirmed yet. Kuptsikevich said a break above or below either moving average before the crossover happens could set the tone for crypto trading over the next several weeks. The chart is compressing, and that leaves little room for indecision.
ETF withdrawals contrast with rising retail leverage
Flow data has been weaker. According to CryptoOnchain, U.S. spot bitcoin ETFs recorded $1.74 billion in withdrawals over the past two weeks. At the same time, retail traders have been adding leverage. That combination has historically appeared before sharp liquidation cascades when price moves against crowded positioning.
Ether is also drawing close attention. Joel Kruger, market strategist at LMAX Group, said ETH remains the key chart to watch after repeated failures ahead of $2,400 reinforced the importance of that resistance zone. A decisive daily close above $2,400 would mark a major technical change and could bring institutional participation back into focus.
SEC clears listing of bitcoin index options
There was also a new development on the institutional side. On Monday, the U.S. Securities and Exchange Commission approved the listing of options tied to a bitcoin index calculated from BTC prices across multiple exchanges. It is the first product of its kind. Existing crypto options listed on U.S. stock exchanges have so far been limited to instruments linked to spot ETF shares.
Traditional markets moved in a different direction. The MSCI All Country World Index rose for a sixth straight session to a record high. South Korea’s Kospi is up about 100% this year, making it one of the best-performing major equity gauges globally. In U.S. trading, Micron Technology jumped 19% and crossed $1 trillion in market value, joining SK Hynix among chip names at that level. Brent crude slipped 1.5% to $98 on signs of progress in U.S.-Iran negotiations, while the 10-year U.S. Treasury yield edged down to 4.47%.