Bitcoin rebounds near $74.5K as US stocks chase after new all-time highs

Bitcoin (BTC) treaded h2o astatine Thursday’s Wall Street unfastened arsenic the S&P 500 reached caller all-time highs.

Key points:

• Bitcoin stays locked connected $74,000 aft its section highs preceded a caller grounds for the S&P 500.

• Analysis warns that the US midterm elections whitethorn interaction the banal rally.

• Bitcoin could travel the Nasdaq 100 higher, a trader suggests.

BTC terms tripped aft caller highs from the S&P 500

Data from TradingView showed $74,000 continuing to signifier an intraday BTC terms focus.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

US jobless claims came successful marginally beneath expectations astatine 207,000 versus 213,000, pointing to the labour marketplace withstanding existent geopolitical and ostentation pressures.

These followed a caller grounds for the S&P 500, which crossed 7,000 points for the archetypal clip successful past aft Bitcoin deed two-month highs.

Commenting, trading assets Mosaic Asset Company noted that the S&P had precocious by astir 11% successful the past 11 trading sessions.

“It ranks arsenic the 5th quickest betterment to grounds highs pursuing a heavy pullback,” it wrote successful its latest “Mosaic Chart Alerts” update. 

“The S&P closed firmly supra the 7,000 level for the archetypal clip successful past contempt the ongoing uncertainty successful the Middle East that sparked a 9% drawdown successful the scale into precocious March.”

S&P 500 one-day chart. Source: Cointelegraph/TradingView

Gold dipped to intraday lows and WTI crude lipid eyed $94 per tube arsenic markets awaited further cues implicit the US-Iran war.

QCP, meanwhile, warned that seasonal trends could inactive extremity the banal rally arsenic the US entered midterm elections. The S&P 500, it noted, “tends to find its highest astir present up of mid-term elections, and past recovering during the last 4th of the year.”

“I would not basal immoderate concern determination oregon outlook based connected seasonals alone, which is wherefore I’m besides watching confirmation from breadth,” it cautioned.

S&P 500 seasonality data. Source: Mosaic Asset Company

Trader sees “opportunity” successful Bitcoin versus Nasdaq

With BTC terms enactment uncovering absorption adjacent its scope highs, marketplace participants eyed speech order-book liquidity for clues arsenic to wherever the adjacent showdown could come.

Related: Bitcoin tin turn 'probably a batch bigger' than $30T+ golden marketplace — Analysis

“The terms bucket astatine $72.2K - 72.4K has a ample magnitude of unfastened involvement that has dilatory accumulated,” Shubh Varma, CEO of crypto information level Hyblock, told Cointelegraph connected the day.

“We've seen this level wherever traders are often active, entering and exiting. Most recently, astir $100 cardinal longs and shorts opened here, bringing the full adjacent to $400 cardinal astatine that terms bucket, implicit the past 7 days (on Binance stablecoin perps).”

Varma added that this could signifier “an country to ticker arsenic imaginable enactment if terms revisits it, arsenic galore of these longs and shorts whitethorn exit astatine breakeven ‘psychological’ level."

BTC/USDT perpetual declaration unfastened involvement data. Source: Hyblock

Continuing the stocks theme, crypto trader Michaël van de Poppe flagged Bitcoin’s narration with the Nasdaq-100 scale arsenic a origin for optimism going forward.

“Bitcoin is astir to travel Nasdaq,” helium told X followers. 

“The crushed for this is rather simple: the correlation has been importantly beardown astir of the time. This period? The weakest correlation successful the past 10 years.”

BTC/USD vs. Nasdaq 100 futures one-week chart. Source: Michaël van de Poppe/X

Van de Poppe eyed a “tremendous opportunity” for Bitcoin buyers, having precocious seen a similar bullish setup successful Bitcoin versus gold.