E-mini Nasdaq-100 (NDX) futures climbed over 1% recently, approaching their record high of $22,425 set in December. This movement is significant for Bitcoin (BTC), currently priced at $105,285.37, as Nasdaq and crypto trends often align. The daily chart for NDX futures has indicated a bullish golden cross: the 50-day simple moving average (SMA) has crossed above the 200-day SMA. This pattern typically signifies that the short-term trend is gaining strength relative to longer-term momentum, often signaling the start of a major price increase. Data from CNBC reveals that after a golden cross appears, NDX futures tend to rise over 70% of the time. Following the last golden cross on March 13, 2023, the index surged 34%. In contrast, Bitcoin's rally has slowed after it established a golden cross on May 23, managing to remain above the $100,000 mark. While the golden cross is respected in the futures market, its effectiveness in predicting Bitcoin price trends has been inconsistent.
Nasdaq Futures Show Bullish Signals, Pointing to Potential Bitcoin Upsurge
E-mini Nasdaq-100 futures experience a bullish golden cross, suggesting potential gains for Bitcoin as prices hover above $100,000.
Jamie Bennett
Crypto Analyst
5 min read
4,991
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 9/10
Trading Recommendation
BTC
BTC
BUY
Entry Price
$105285.37
Confidence
80%
Stop Loss
$102000
Take Profit
$110000 - $115000
Bullish signals from the Nasdaq golden cross suggest potential upward movement for Bitcoin, warranting a buy position.
