Bitcoin Nears $100,000 Amid Market Correlations

Bitcoin is nearing the psychologically significant $100,000 mark, supported by strong trading volumes and positive institutional sentiment, while analysts emphasize that a daily close above this level is crucial for further gains. The cryptocurrency's recent breakouts have coincided with strong performances in the S&P 500 and Nasdaq, underscoring an increased correlation between Bitcoin and risk-on traditional assets. Despite these advances, Bitcoin faces notable resistance at several price points, with technical analysts warning of possible pullbacks if it fails to sustain momentum above key thresholds. Macroeconomic factors, including upcoming US jobless claims and US-China trade talks in Switzerland, are contributing to market uncertainty and could lead to heightened volatility due to low weekend liquidity. Some experts, such as Fundstrat's Tom Lee, continue to see Bitcoin's resilience as a potential leading indicator for a broader recovery in equities. Overall, Bitcoin's trajectory is closely tied to macroeconomic events, institutional activity, and its ability to decisively break resistance levels.