Bitcoin (BTC) held near $74,000 at Thursday’s Wall Street open as the S&P 500 hit fresh all‑time highs.
Key points:
– Bitcoin remained around $74,000 after its local highs came before a new S&P 500 record.
– Analysts warn US midterm election seasonality could affect the stock rally.
– A trader suggested Bitcoin may track the Nasdaq 100 higher.
BTC price steadies after S&P 500 record
TradingView data showed $74,000 acting as an intraday focal point for BTC/USD. US initial jobless claims printed 207,000 versus expectations of 213,000, underscoring resilience in the labor market amid geopolitical and inflationary pressures.
The S&P 500 crossed 7,000 for the first time in history after Bitcoin reached two‑month highs. Mosaic Asset Company noted the index has climbed almost 11% over the past 11 trading sessions, describing it as “the fifth quickest recovery to record highs following a deep pullback.” Mosaic added the S&P closed firmly above 7,000 despite ongoing Middle East uncertainty that had prompted a 9% drawdown into late March.
Meanwhile, gold slid to intraday lows and WTI crude hovered near $94 per barrel as markets awaited further signals on the US‑Iran war. QCP warned seasonality tied to the US midterm cycle could still halt the stock advance, observing that the S&P “tends to find its peak about now ahead of mid‑term elections, and then recover during the final quarter of the year.” It cautioned against relying on seasonals alone and said it would watch breadth for confirmation.
Order-book liquidity and open interest seen as clues
With BTC approaching range resistance, traders examined exchange order books for clues on where the next move might originate. Shubh Varma, CEO of crypto data platform Hyblock, said the $72.2K–72.4K bucket has accumulated significant open interest. “We’ve seen this level where traders are often active, entering and exiting. Most recently, about $100 million longs and shorts opened here, bringing the total close to $400 million at that price bucket, over the last seven days (on Binance stablecoin perps),” he told Cointelegraph. Varma suggested that if price returns to that zone it could act as support as many positions might exit at breakeven.
Bitcoin may follow Nasdaq, trader says
Crypto trader Michaël van de Poppe pointed to Bitcoin’s historical correlation with the Nasdaq‑100 as a bullish factor. “Bitcoin is about to follow Nasdaq,” he told followers on X, noting that correlation has generally been strong and that the current period shows the weakest correlation in the past decade. Van de Poppe described a “tremendous opportunity” for buyers, citing a recent bullish setup for BTC versus gold as a similar signal.
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