Bitcoin rebounds near $74.5K as US stocks chase after new all-time highs

Gold dipped to intraday lows and WTI crude oil eyed $94 per barrel as markets awaited further cues over the US-Iran war.

QCP, meanwhile, warned that seasonal trends could still end the stock rally as the US entered midterm elections. The S&P 500, it noted, “tends to find its peak about now ahead of mid-term elections, and then recovering during the final quarter of the year.”

“I would not base any investment decision or outlook based on seasonals alone, which is why I’m also watching confirmation from breadth,” it cautioned.

S&P 500 seasonality data. Source: Mosaic Asset Company

Trader sees “opportunity” in Bitcoin versus Nasdaq

With BTC price action finding resistance near its range highs, market participants eyed exchange order-book liquidity for clues as to where the next showdown could come.

Related: Bitcoin can grow 'probably a lot bigger' than $30T+ gold market — Analysis

“The price bucket at $72.2K - 72.4K has a large amount of open interest that has slowly accumulated,” Shubh Varma, CEO of crypto data platform Hyblock, told Cointelegraph on the day.

“We've seen this level where traders are often active, entering and exiting. Most recently, about $100 million longs and shorts opened here, bringing the total close to $400 million at that price bucket, over the last seven days (on Binance stablecoin perps).”

Varma added that this could form “an area to watch as potential support if price revisits it, as many of these longs and shorts may exit at breakeven ‘psychological’ level."

BTC/USDT perpetual contract open interest data. Source: Hyblock

Continuing the stocks theme, crypto trader Michaël van de Poppe flagged Bitcoin’s relationship with the Nasdaq-100 index as a cause for optimism going forward.

“Bitcoin is about to follow Nasdaq,” he told X followers.

“The reason for this is quite simple: the correlation has been significantly strong most of the time. This period? The weakest correlation in the past 10 years.”

BTC/USD vs. Nasdaq 100 futures one-week chart. Source: Michaël van de Poppe/X

Van de Poppe eyed a “tremendous opportunity” for Bitcoin buyers, having recently seen a similar bullish setup in Bitcoin versus gold.