Bitcoin Surges 10% to $106,000 as US Stocks Hit Record Highs

Bitcoin (BTC) is poised to mirror the U.S. stock market's recent surge, with both the S&P 500 and the Nasdaq hitting all-time highs. The S&P 500 index has climbed to 6,177 points, surpassing its previous record of 6,147 points. This upward trend is driven by a fragile ceasefire between Israel and Iran, as well as various imminent U.S. trade deals. The weekly close of the S&P 500 is approaching, and while the price is nearing an ascending trendline, there is a possibility of sideways or accumulative price action, with a potential dip back to the 5,700 region if 6,000 does not hold.

Bitcoin, meanwhile, has broken back above the $106,000 resistance level. The 4-hour time frame for BTC shows that the price is being maintained within a descending channel, with a recent swing low of $98,300. The price has since bounced back and is now near the top of the channel. Analysts predict that some sideways and downwards price action could follow, allowing the shorter-term Stochastic RSIs to reset. The daily time frame for BTC indicates that the descending channel is likely a bull flag, which is a bullish sign. If the price can emerge from the top of this flag and confirm above, the next step higher can begin.

All eyes are on the weekly time frame for BTC. While there may be one last dip down to the strong supports at $106,000 or $104,000, there could be a bullish close of the Stochastic RSI. If the indicators can continue to flatten out, this augurs well for the following week, where we might see them cross back up, and with this, an impending breakout. The bullish weekly Stochastic RSI close suggests that Bitcoin could be on the verge of attaining a new all-time high, mirroring the U.S. stock market's recent performance.