Bitcoin grinds toward $87K as US equities hit new record highs

Bitcoin (BTC) continued to circle $86,000 on Tuesday as US stock markets hit fresh all-time highs.

Key points:

• Bitcoin attempted to move toward $87,000 but faces ongoing friction from ask liquidity clustered around this key level.
• US stock markets returned to all-time highs, with the S&P 500 Index adding 0.8% to reach 7,835 points.
• BTC price analysis saw the 21-day simple moving average (SMA) at $83,500 as nearby key support.

Bitcoin rangebound as S&P 500, Nasdaq see new highs

Data from TradingView showed BTC/USD attempting to return to $87,000 after another failed attempt to break higher on Monday.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Stocks were in focus after the Wall Street open as the S&P 500, Nasdaq 100 and tech-heavy Nasdaq Composite Index hit new record highs of 7,835, 31,312 and 27,683 points, respectively.

S&P 500 one-day chart. Source: Cointelegraph/TradingView

Commenting on the move, trading resource The Kobeissi Letter noted that the S&P 500 had added 24%, or $71.3 trillion, in value since March 30.

In new analysis looking at the outlook for stocks, Mosaic Asset Company suggested that cooling expectations of interest-rate hikes from the Federal Reserve in Q4 2026 could propel markets higher.