Bitcoin slid to around $75,000 on Wednesday, widening the gap with global equities that continue to notch fresh record highs. The move comes as traders keep a close eye on a 'golden cross' forming on BTC's chart — a technical pattern that could determine which direction the market breaks next. Meanwhile, Zcash took an even harder hit, dropping 9% in the same session.
The golden cross watch
The golden cross — when a short-term moving average crosses above a long-term one — is often read as a bullish signal. But it's not a guarantee. Right now, the pattern is still forming on Bitcoin's daily chart, and traders are split on whether it'll spark a rally or fizzle out. The outcome of that setup may well set the tone for the rest of the month. Some see it as a chance to buy the dip near $75K; others worry that if the cross fails, BTC could test lower levels.
Zcash under pressure
Zcash wasn't so lucky. The privacy coin lost 9% of its value on Wednesday, making it one of the worst performers among mid-cap altcoins. No single catalyst stands out — no exchange delisting or regulatory action was announced — but the broader risk-off tone in crypto this week has hit smaller tokens hardest. ZEC has been struggling to hold support above $30 for weeks, and today's drop puts it back near multi-month lows.
Equities vs crypto
The divergence with equities is notable. Global stock indexes pushed to record highs on Wednesday, buoyed by strong corporate earnings and optimism over interest-rate cuts. Bitcoin's slide, by contrast, suggests crypto is still wrestling with its own headwinds — whether that's lingering regulatory uncertainty or just profit-taking after a volatile spring. The timing isn't great for Bitcoin bulls, who had hoped the correlation with stocks would provide a tailwind.
All eyes are on that golden cross. If it confirms in the next few sessions and Bitcoin reclaims $80K, the narrative flips quickly. If it fails — or if equities finally roll over — the $75K level could become resistance rather than support. For now, traders are waiting for the chart to make the first move.
