Bitcoin (BTC) treaded water at Thursday’s Wall Street open as the S&P 500 reached new all-time highs.
Key points:
Bitcoin stays locked on $74,000 after its local highs preceded a new record for the S&P 500.
Analysis warns that the US midterm elections may impact the stock rally.
Bitcoin could follow the Nasdaq 100 higher, a trader suggests.
BTC price tripped after fresh highs from the S&P 500
Data from TradingView showed $74,000 continuing to form an intraday BTC price focus.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
US jobless claims came in marginally below expectations at 207,000 versus 213,000, pointing to the labor market withstanding current geopolitical and inflation pressures.
These followed a new record for the S&P 500, which crossed 7,000 points for the first time in history after Bitcoin hit two-month highs.
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,” it wrote in its latest “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.”S&P 500 one-day chart. Source: Cointelegraph/TradingView
Gold dipped to intraday lows and WTI crude oil eyed $94 per barrel as markets awaited further cues over the US-Iran war.
QCP, meanwhile, warned that seasonal trends could still end the stock rally as the US entered midterm elections. 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,” it cautioned.
S&P 500 seasonality data. Source: Mosaic Asset Company
Trader sees “opportunity” in Bitcoin versus Nasdaq
With BTC price action finding resistance near its range highs, market participants eyed exchange order-book liquidity for clues as to where the…
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