Nasdaq futures chalk out golden cross near record high, offering bullish cues to Bitcoin
|E-mini Nasdaq-100 (NDX) futures rose over 1% Tuesday, narrowly missing the record high $22,425 hit Dec. 17, according to data source TradingView, a sign that might embolden Bitcoin (BTC) bulls because the two tend to move in tandem.
More evidence comes from the daily chart of NDX futures, which flashed a bullish golden cross, with the 50-day simple moving average (SMA) moving above the 200-day line.
A golden cross is a sign that the short-term trend is now outperforming the broader momentum with the potential to evolve into a major uptrend.
According to an analysis by CNBC, the golden cross is a reliable indicator for the futures, with the index rising over 70% of the time after one appears. The index surged 34% to 18,328 in a year after the occurrence of the previous golden cross on March 13, 2023.
Note that BTC's rally has stalled above $100,000 since it chalked out a golden cross on May 23. The moving average-based indicator has a mixed record of predicting price trends in the Bitcoin market.
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