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US futures hit record high, setting Bitcoin up for new peak: Analysts

US stock futures are at record highs as the country’s largest markets are nearing their peaks, which could help propel Bitcoin to reach another all-time high, according to analysts. 

S&P 500 futures entered new all-time high territory on Thursday with the index tapping 6,145 points, surpassing February’s peak. The tech-heavy Nasdaq Composite futures also hit a peak at 20,180 around the same time. 

The S&P 500 has gained 23% since its April 8 crash as trade tariff shocks ease and a ceasefire between Israel and Iran appears to hold.

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 at a future expiration date. They trade overnight and before markets open, often providing insight and signals on how stocks might open the following day. 

The rally came as investors digested new reasons to believe the Federal Reserve may cut interest rates as early as July, Yahoo Finance reported.

S&P 500 performance over the past month. Source: Google Finance 

Will Bitcoin follow stock market gains? 

Analysts have been weighing in on the prospect of Bitcoin following stocks to a new all-time high. 

“US stock futures nearing all-time highs, fueled by geopolitical easing and Fed rate-cut expectations, are bolstering investor risk appetite as Bitcoin’s recent rebound increased speculation of a new record high in the near future,” Nick Ruck, director at LVRG Research, told Cointelegraph. 

He added that sustained equity momentum and institutional inflows “could propel BTC past its $109,000 resistance into a new price discovery phase” if the Fed rate cut happens “in the coming months.”

Bitcoin ripe for all-time highs

Jeff Mei, chief operations officer at crypto exchange BTSE, told Cointelegraph that “conditions are ripe for Bitcoin to surpass its previous all-time high of about $112,000, especially given that the Iran-Israel conflict seems to be over for the time being.” 

Meanwhile, BitMEX founder Arthur Hayes posted to X on Thursday that Bitcoin all-time highs “are coming,” and pointed to the passage of stablecoin regulations in the US and the easing tensions in the Middle East.

Bitcoin cools from resistance 

Bitcoin has failed to break resistance above $108,000 at least three times this week and has declined from its last attempt on Thursday to trade at $107,400.

10x Research head of research Markus Thielen told Cointelegraph that a “notable dovish shift is emerging” among Fed leadership, but the market remains constrained.

“Many traders have written covered calls against their BTC holdings, which is suppressing both price momentum and volatility.”

Chart

BTC struggles at $108,000 resistance. Source: BTC

The Fed on Friday will release its preferred inflation gauge, called the Personal Consumption Expenditures (PCE) report, which could induce more market volatility.  

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Cointelegraph Team

Cointelegraph Team

Cointelegraph

We are privileged enough to work with the best and brightest in Bitcoin.

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