Bitcoin grinds toward $87K as US equities hit new record highs
Summary
Bitcoin traded near $86,000, repeatedly failing to break above $87,000 as US stock indexes reached record highs. Bitcoin’s correlation with the S&P 500 rose to 0.51, its highest since early June. Exchange order-book asks clustered around $87,000, limiting upside. A market analyst identified $83,500, near Bitcoin’s 21-day moving average, as key support; reclaiming roughly $87,500 could support a move toward $91,540. Stock analysts cited easing expectations for future Federal Reserve rate hikes as a possible catalyst, while warning that market breadth remained weak.
