Bitcoin (BTC) Set to Mirror U.S. Stock Market with Record All-Time High

Amid a fragile ceasefire between Israel and Iran, and various U.S. trade deals seemingly imminent, the U.S. stock market has hit an all-time high, with both the S&P 500 and the Nasdaq breaking their previous records. Bitcoin (BTC) is also riding high, having broken back above the $106,000 resistance. Will Bitcoin be the next to attain an all-time high? S&P 500 all-time high – still climbing Source: TradingView The S&P 500 on the weekly time frame shows the complete recovery for the biggest Wall Street companies. The new all-time high pushes the index to 6,177 points, well beyond the 6,000 points resistance, and a good way higher than the previous 6,147 all-time high. With the weekly close just a few hours away, it remains to be seen how much higher the price might go. As can be noted in the chart above, the price is approaching an ascending trendline. Given that the Stochastic RSI indicators (bottom of chart) are beginning to top out, there may be some sideways, accumulative price action to come, with the possibility of a dip, possibly back to the region of 5,700 if 6,000 does not hold. $BTC nears top of channel Source: TradingView The 4-hour time frame for $BTC reveals how the price is being maintained inside the descending channel. The last swing low may have put the fear of God into some investors, as the price hit a low of $98,300. Be that as it may, the price bounced well from there, and is now near the top of the channel. The price could still hit the top of this channel, but the odds are that some sideways and downwards price action could follow from here, allowing the shorter term Stochastic RSIs to reset back to the bottom. The 4-hour Stochastic RSI is already there, and therefore this might provide the momentum needed to touch the top of the channel first. $BTC bull flag has emerged Source: TradingView The daily time frame for $BTC illustrates that the descending channel is probably a bull flag. This makes things even more bullish. If the price can emerge from the top of this flag and confirm above, the next step higher can begin. Bullish weekly Stochastic RSI close Source: TradingView All eyes need to be on the weekly time frame. While there may be one last dip down to come, 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. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily