According to analysts, U.S. stock index futures have reached an all-time high, and as the country's largest market approaches its peak, this could drive Bitcoin to new historical highs.
S&P 500 futures entered a new all-time high territory on Thursday (June 26), with the index hitting 6145 points, surpassing the peak from February. The tech-heavy Nasdaq Composite Index futures also reached a peak of 20180 points at the same time.
As the impact of trade tariffs eases and a ceasefire between Israel and Iran seems to hold, the S&P 500 has risen 23% since its sharp drop on April 8.
Stock futures are derivative contracts where traders agree to buy or sell a specific stock index, such as the S&P 500, at a set price on a future expiration date. They trade overnight and before the market opens, often providing insights and signals about how stocks may open the next day.
As investors digest new reasons for the Federal Reserve potentially lowering interest rates, Yahoo Finance reports that this could happen as early as July.
Analysts have been weighing whether Bitcoin will follow stocks to reach new historical highs.
Nick Ruck, director of LVRG Research, told Cointelegraph: "U.S. stock index futures are nearing historical highs, driven by geopolitical easing and expectations of Fed rate cuts, which enhance investors' risk appetite, while Bitcoin's recent rebound increases speculation about a new record high in the near term."
He added that sustained stock market momentum and institutional capital inflows "could push BTC to break through its resistance at $109,000 and enter a new price discovery phase" if the Fed cuts rates "in the coming months."
Jeff Mei, COO of cryptocurrency exchange BTSE, told Cointelegraph, "The conditions for Bitcoin to surpass its previous all-time high of around $112,000 are maturing, especially considering the temporary end of the Iran-Israel conflict."
Meanwhile, BitMEX founder Arthur Hayes posted on X on Thursday that Bitcoin's all-time high is "coming soon," pointing to the passage of U.S. stablecoin regulations and the easing of tensions in the Middle East.
Bitcoin has failed to break through the resistance level of $108,000 at least three times this week, retreating to $107,400 from its last attempt on Thursday.
Markus Thielen, head of research at 10x Research, told Cointelegraph, "There has been a significant dovish shift in the Fed leadership, but the market remains constrained. Many traders have written covered call options on their BTC positions, which suppresses price momentum and volatility."
BTC struggles at the $108,000 resistance level. Source: TradingView
The Federal Reserve will release its preferred inflation indicator, the Personal Consumption Expenditures (PCE) report, on Friday, which could trigger more market volatility.
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Original article: “U.S. Futures Hit All-Time High, Analysts Say Bitcoin (BTC) May Reach New Peaks”
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