Crypto vs Stocks: What the 200-Day Moving Average Shows Now

BTC and ETH are among 88 top-100 cryptocurrencies above their 200-day MA, while most of those coins also hold above shorter-term trends.

The S&P 500 is hovering near record highs, but a majority of its constituents are trading below their 200-day moving averages, according to data shared by analyst Scott Melker on X.

On the other hand, 88 of the top 100 cryptocurrencies are above their MAs, highlighting the contrast in market breadth, with Melker arguing that crypto’s technical position looks healthier even though many major tokens are still well below their all-time highs.

Most of the S&P 500 Sits Below Its 200-Day Line

In his post, the trader reported that 257 S&P 500 stocks were below their 200-day averages as of Wednesday, leaving roughly 49% of the index above that widely watched trend measure. He described the market’s internal condition as bearish despite the index’s proximity to record levels.

Crypto presented a different picture. Bitcoin and Ethereum were among the 88 top-100 tokens above their 200-day simple moving averages, and most of those assets were also holding above their 50-day and 100-day averages.