- Bitcoin remains 11% below its yearly high of $74,000 but shows signs of recovery.
- The S&P 500 has surged 9% above its yearly high, creating favorable market conditions.
- A similar 9% rise in Bitcoin could push the cryptocurrency to a projected price of $81,000.
Bitcoin could soon reach new all-time highs (ATHs). Currently, the cryptocurrency remains 11% below its yearly high of $74,000. However, with favorable market conditions and rising indices such as the S&P 500, Bitcoin has the potential to close this gap and surge beyond its previous peak.
S&P 500 Sets the Stage
According to charts generated by Miles Deutscher, the S&P 500, one of the leading indicators of broader market health, has recently climbed 9% above its yearly high. The chart shows the S&P 500 is currently 9.09% above its previous high, with a projected value of 5,755.08. The increase covers one bar, indicating a period of seven days. The S&P 500’s upward movement suggests it has broken through significant resistance and continues to climb.
In contrast, the bottom chart focuses on Bitcoin as it remains below its previous yearly high of $74,458.56, but it is showing signs of recovery. Currently, BTC has gained 9.25% over the last two bars, which span 14 days. If Bitcoin continues to rise, it could reach a projected value of $81,348.04, surpassing its previous peak.
If Bitcoin were to align with the performance of the S&P 500, the cryptocurrency could possibly surpass its yearly high of $74,000. Should it match the S&P 500’s 9% rise above its high, BTC could reach an impressive price of $81,000.
Bitcoin Lags Behind
Despite the positive trends in the stock market, Bitcoin has remained behind, currently sitting 11% below its yearly high. While this lag presents a gap to close, the possibility for Bitcoin to rebound quickly exists. With market momentum building and attention shifting towards cryptocurrency, the upcoming weeks could see a price movement.
The post Bitcoin Poised for $81K as S&P 500 Rally Sparks New Market Momentum appeared first on Crypto News Land.
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