Bitcoin To Synchronize With Stocks And Chase New Range Highs

BitcoinBTC) treaded water at Thursday’s Wall Street open as the S&P 500 reached new all-time highs.

The following are key points.

• Bitcoin stays locked on $74,000 after its local highs preceded a new record for the S&P 500.

• Stocks may rally despite the US midterm elections, warns analysis.

• A trader believes that Bitcoin will follow Nasdaq higher.

BTC price tripped after fresh highs from the S&P 500

TradingView data shows that $74,000 continues to be the intraday BTC focus.

US jobless claims are slightly lower than expected at 207,000 against 213,000. This shows that the labor market is able to withstand current geopolitical, and inflationary pressures.

These followed a new record for the S&P 500, which crossed 7,000 points Bitcoin has reached its highest levels in two months.

Commenting, trading resource Mosaic Asset Company noted that the S&P had advanced by nearly 11% in the past 11 trading sessions.

“It ranks as the fifth quickest recovery to record highs following a deep pullback,” In its most recent “Mosaic Chart Alerts” update. 

“The S&P closed firmly above the 7,000 level for the first time in history despite the ongoing uncertainty in the Middle East that sparked a 9% drawdown in the index into late March.”

WTI crude oil is expected to reach $94 a barrel, as the markets await further clues about the US-Iran conflict.

QCP warned, however, that the seasonal trend could end the rally of the stocks as US midterms elections approached. The S&P 500, it noted, “tends to find its peak about now ahead of mid-term elections, and then recovering during the final quarter of the year.”

“I would not base any investment decision or outlook based on seasonals alone, which is why I’m also watching confirmation from breadth,” The warning was issued.

Sees Trader “opportunity” Bitcoin and Nasdaq

Market participants are looking at the liquidity of exchange order books to see where next week’s showdown will be.

Related: Bitcoin can grow ‘probably a lot bigger’ than $30T+ gold market — Analysis

“The price bucket at $72.2K – 72.4K has a large amount of open interest that has slowly accumulated,” Shubh Vama, the CEO of Hyblock’s crypto-data platform, spoke to Cointelegraph that day.

“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).”

Varma also added that the form could include “an area to watch as potential support if price revisits it, as many of these longs and shorts may exit at breakeven ‘psychological’ level.”

Continuing tHe stocks theme, crypto trader Michaël van de Poppe flagged Bitcoin’s relationship with the Nasdaq-100 index as a cause for optimism going forward.

“Bitcoin is about to follow Nasdaq,” he told X-Followers 

“The reason for this is quite simple: the correlation has been significantly strong most of the time. This period? The weakest correlation in the past 10 years.”

Van de Poppe eyed a “tremendous opportunity” Bitcoin has recently been a popular choice for buyers. similar bullish setup Bitcoin vs. gold