It looks like the stock market correction might be behind us, and that could be welcome news for Bitcoin (BTC) as well, which has also broken through a key resistance level.

Continuing last week’s positive momentum, the S&P 500 jumped 1.7% on Monday, pushing it above its 200-day moving average (200 DMA). This is a significant move after the market had pulled back by as much as 10% in recent months. Think of the 200 DMA as a long-term trend line – it’s basically the average price over the last 200 trading days, and investors often use it to gauge the market’s overall direction and spot possible shifts.

The last time the S&P 500 crossed this 200 DMA mark was back on March 10th. And while there was a brief pullback afterwards, the market quickly bounced back and has been climbing upwards ever since.

Following a similar pattern, Bitcoin (BTC) is also on the rise, currently trading above $88,000. It decisively broke through its own 200 DMA of $85,046 over the weekend. Now, all eyes are on the next major hurdle at $93,245. This level is interesting because it represents the average price that short-term holders paid for their Bitcoin—basically, coins that haven’t been sitting in exchange reserves for too long and have moved around in the last 155 days. These are the coins that are generally considered most likely to be traded or spent soon.

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