Nasdaq-100 Futures Rise Over 1%, Signal Bullish Trend for Bitcoin
E-mini Nasdaq-100 (NDX) futures increased over 1% on Tuesday, nearing the record high of $22,425 from December 17. This movement may positively influence bitcoin as both tend to correlate.
The daily chart for NDX futures showed a bullish golden cross, where the 50-day simple moving average surpassed the 200-day line. This indicates the potential for a major uptrend.
Key points include:
- The golden cross is a reliable indicator, with the index rising over 70% of the time post-formation.
- After a previous golden cross on March 13, 2023, the index rose 34% to 18,328 within a year.
- Currently, BTC has been stalled above $100,000 since its own golden cross on May 23.
- The moving average indicator shows mixed results in predicting bitcoin price trends.
