Investors await bullish signal amid bitcoin's plunge towards the $75,000 threshold, while ZEC tumbles nearly 10% in value.

On Tuesday, during Asian trading hours, the value of Bitcoin dropped to $75,498, diverging from the robust performance of global equities, which reached new heights overnight. Meanwhile, other prominent cryptocurrencies, including XRP, Ether, and Solana, each experienced a decline of up to 1% over the past 24 hours, according to data from CoinDesk. In contrast, Zcash suffered a significant loss of 9%, plummeting to $564, while Hyperliquid bucked the trend, increasing by 1.4% to $59.99 and positioning itself just behind Dogecoin in terms of market capitalization. Tron, on the other hand, has been steadily rising over the past week, outperforming its peers.

Analysts are closely watching the Bitcoin chart, where a notable setup is emerging. According to Alex Kuptsikevich, an analyst at FXPro, the price is currently finding support near the 50-day moving average, which has been rising, while the 200-day moving average briefly acted as resistance earlier in May. The intersection of these two lines, known as a golden cross, is expected to occur in the coming weeks and is generally considered a bullish signal. However, if the price breaks through either moving average before the cross, it could determine the direction of the crypto market for the next several weeks, Kuptsikevich noted.

Despite the potential for a bullish setup, the flow data presents a more cautious outlook. Over the past two weeks, spot Bitcoin ETFs in the US have experienced withdrawals totaling $1.74 billion, according to CryptoOnchain. At the same time, retail traders have been increasing their leverage, a combination that has historically preceded sharp market corrections when the trend reverses.

Joel Kruger, a market strategist at LMAX Group, emphasizes the importance of monitoring the Ether chart, as repeated failures to break through the $2,400 resistance level have reinforced the significance of this threshold. A decisive daily close above $2,400 would mark a significant technical shift and likely attract renewed institutional investment, Kruger said.

In a development that could impact institutional participation, the US Securities and Exchange Commission approved the listing of options on a Bitcoin index calculated from prices across multiple exchanges on Monday. This is the first instrument of its kind, as existing crypto options on US stock exchanges are limited to those tied to spot ETF shares.

In contrast to the crypto market, equities continued to rise, with the MSCI All Country World Index reaching a record high for the sixth consecutive day. The Kospi index in South Korea has surged by approximately 100% this year, making it the best-performing major equity gauge globally. Micron Technology's stock price jumped 19% in US trading, pushing its market value above $1 trillion, while Brent crude oil prices declined by 1.5% to $98 due to signs of progress in US-Iran negotiations. Treasury yields also edged lower, with the 10-year yield at 4.47%.

The divergence between the crypto market and equities has been a clear market signal over the past month. Whether this gap closes due to a decline in equities or a surge in Bitcoin's value depends on which side of the moving average crosses first, which will be closely watched by traders and investors in the coming weeks.