Bitcoin is extending its relief rally, now nearly 20% above its monthly low. The 50-day moving average (MA) has been cleared on improved momentum. However, there is a confluence of resistance essentially in-line, between $88.2K and $88.8K, based in part on the 200-day MA. If this zone is cleared, it would be a positive near-term development for bitcoin, putting next resistance at a Fibonacci retracement level near $95.9K. On the weekly bar chart of bitcoin, the stochastics have turned higher from oversold territory, which increases the chances of a short-term breakout. In contrast, on a monthly chart, the stochastics have turned down from overbought territory, so a rally should be viewed as counter-trend. We would be better sellers of strength, ideally after additional near-term upside, in anticipation of a lower high versus January. Support for bitcoin is approximately $73.8K, which goes back to former resistance from March 2024. The weekly cloud model is a dynamic gauge of support, currently near $62.2K. The slope of the cloud flattens, looking out into the second half of the year, indicating a loss of upside momentum behind the cyclical uptrend. Like bitcoin, Ether’s short-term momentum is improved, increasing the likelihood of a greater relief rally in the days ahead. The 50-day MA is initial resistance near $1850, and secondary resistance is at former long-term trading range support, near $2040. Initial support for Ether is drawn from the late 2023 low near $1550. Bitcoin has held a greater positive correlation with the Nasdaq-100 Index (NDX) than gold over the past year, and for the past five years, which suggests that bitcoin behaves like a risk asset most of the time. However, we find that correlations can break up at times due to external forces. For example, on Monday both bitcoin and gold are rallying as the NDX pulls back, seemingly related to the negative correlations with the ICE U.S. Dollar index which is under pressure. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles, and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. 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