Bitcoin Nears All-Time High as S&P 500 Hits Record

Bitcoin is currently trading just below its peak at $107,249, less than 5% away from reclaiming its $112,000 all-time high. The S&P 500 index has reached a new all-time high of 6,223.75, driven by geopolitical and macroeconomic volatility. This rally follows the index’s 4.61% surge over five days. The sharp recovery since April 7, 2025, has brought the 50-day and 200-day Simple Moving Averages (SMAs) close, hinting at a potential bullish crossover in the coming days.

The rising correlation between Bitcoin and the S&P 500 suggests that Bitcoin could follow the S&P 500’s footsteps and revisit its all-time high. The chances of Bitcoin setting up a new high are not out of the realm of possibilities, especially with the odds of a September rate cut spiking and a risk-on sentiment fueling the next uptrend.

Bitcoin’s Time Price Opportunity (TPO) chart highlights key levels to watch. The naked Point of Control (nPOC) formed at $109,650 on the June 11 trading session is the key resistance level to watch. On the contrary, the buy tails at $104,347 and $103,463 are key support levels. nPOC is the highest volume level on a particular trading session, while buy tails are inefficiencies formed during an impulsive uptrend. Buy tails offer demand and serve as support, while nPOC above the price acts as a resistance level.

Considering the S&P 500’s recent climb to an all-time high and the rising correlation between the index and Bitcoin, the chances of an uptrend are high. Moreover, the failure to produce a lower low during the ongoing consolidation adds credence to the demand and forecasts that Bitcoin price could revisit the nPOC at $109,650.

The daily Bitcoin price chart shows clear signs of bullish momentum that further hint a new all-time high is not a question of ‘if’ but ‘when.’ The key characteristics that paint this optimism include the 50-day SMA at $105,844, which has prevented a breakdown over the past five days. The Awesome Oscillator (AO) has produced a green histogram above the mean level, indicating a shift in momentum favoring bulls. The Relative Strength Index (RSI) remains above its mean level, indicating a market dominated by buyers. The declining parallel channel’s upper trend line will face a retest for the third time, with traders expecting a breakout. A decisive daily candlestick close above $107,858 will confirm the said breakout and potentially propel Bitcoin price to $112,424, which is a conservative target and is present just above the current all-time high of $112,000. A move to $116,923 would signal a new record high for Bitcoin.

However, investors need to be careful as a breakdown of the $100,000 psychological level would invalidate the aforementioned bullish outlook. This development could trigger a flurry of panic sell orders, potentially leading to a liquidation cascade and catalyzing a swift correction to $96,852 and $93,375. These two levels served as a base that propelled Bitcoin price up by nearly 20% to $112,000. Hence, investors can expect a short-term relief between $93,000 and $97,000. A dire case scenario could see the Bitcoin price revisit $90,000, where an unfilled buy-side imbalance is present, reaching up to $87,000.

Bitcoin rose 0.54% to $107,937 after an analyst said Trump's deficit comments reinforce the bull case for Bitcoin and gold. The cryptocurrency is now targeting the $110,000 resistance level. At press time, Bitcoin was trading at $107,346, up nearly 0.5% in the past 24 hours and 3.5% over the past week. Bitcoin's recent price action is very interesting from a technical standpoint because it is trying to break through the important $109,000 resistance level. If Bitcoin can close above $109,000, it may target new resistance levels between $115,000 and $120,000, while support must hold above $106,000 to avoid a potential correction. Bitcoin is testing resistance at $108,000, with potential for a breakout above its all-time high. Bitcoin hovers near $107K after the Nasdaq hits a record high. Traders await a breakout signal.

Market experts and analysts are closely watching the potential ripple effects on Bitcoin's price trajectory in the current fiscal climate. Leading voices such as crypto analyst Evan Aldo predict Bitcoin might reach $120,000 to $150,000 by year-end. This forecast hinges on macroeconomic factors and institutional investors' decisions, ushering possible significant growth in the cryptocurrency sector. The S&P 500's performance, characterized by macroeconomic volatility, creates optimism for Bitcoin's growth. Historically, equity rallies stimulate interest and capital flow into crypto assets, reflecting a direct correlation between these financial ecosystems.

The market is observing key resistance at $109,650 for Bitcoin. Analysts suggest that a breakthrough could precede an "altcoin season," where large-cap altcoins might see substantial capital inflow. Institutional investments might further strengthen Bitcoin's position in global financial markets. Historical patterns show that S&P highs often precede Bitcoin and broader crypto asset surges. This phenomenon is attributed to increased risk appetite among investors looking for higher returns in alternative assets like cryptocurrencies.

Expectations remain positive, with potential financial impacts affecting large-cap cryptos and DeFi ecosystems. Analysts encourage monitoring resistance levels and market trends for strategic portfolio adjustments as the year progresses amid anticipated volatility.