Traders watch bitcoin 'golden cross' as BTC slides to near $75,000, ZEC dives 9%
Key takeaways
- XRP, ether, and Solana were each down as much as 1% in the past day, per CoinDesk data, while Zcash (ZEC) dropped 9% to $564, the biggest single move among the top 15.
- What traders are now watching is a setup forming on the bitcoin chart.
- The two lines are on track to cross in the coming weeks, a setup known as a golden cross, which is generally read as a bullish signal.
XRP, ether, and Solana were each down as much as 1% in the past day, per CoinDesk data, while Zcash (ZEC) dropped 9% to $564, the biggest single move among the top 15. Hyperliquid (HYPE) bucked the cohort at $59.99, up 1.4% on the day and now sitting just behind Dogecoin on market cap. Tron (TRX) is the quiet performer of the past week, climbing steadily as the rest of the majors held narrow ranges.
What traders are now watching is a setup forming on the bitcoin chart. FXPro analyst Alex Kuptsikevich said in an email 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.
The two lines are on track to cross in the coming weeks, a setup known as a golden cross, which is generally read as a bullish signal. A break of either moving average before the cross could set the direction for crypto markets through the next several weeks, he said.