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…