Key Insights:
- E-mini Nasdaq-100 futures saw more than a 1% increase on Tuesday, approaching the peak of $22,425 established in December.
- A bullish golden cross was detected on the daily chart, indicating the potential for significant upward movement.
- Historically, Nasdaq and Bitcoin have demonstrated a tendency to rise together, hinting that this golden cross may be a positive signal for Bitcoin bulls.
E-mini Nasdaq-100 (NDX) futures climbed over 1% on Tuesday, just shy of the record high of $22,425 reached on December 17, signaling possible encouragement for Bitcoin investors, as both markets are often correlated.
The emergence of a bullish golden cross on the daily chart indicates a strong short-term performance trend as the 50-day simple moving average (SMA) has exceeded the 200-day mark.
A golden cross is an indication that the shorter-term trend is outperforming longer-term momentum, which could yield a major uptrend. An analysis by CNBC notes that such crosses typically lead to price increases for the index over 70% of the time.
Bitcoin’s price has struggled to maintain momentum above $100,000 since it formed a golden cross on May 23, although this indicator has shown mixed results in forecasting Bitcoin price trends.
