Bitcoin rose 3% today to reach $62,400. The rise coincided with the S&P 500 Index reaching an all-time high of $5,819 and is currently trading at $5,809.
Bitcoin's rise came at a time when traditional assets were experiencing significant growth. For example, the S&P 500 Index reached its highest level in 24 years, rising more than 22%.
In a recent post on X, The Kobeissi Letter described the current stock market growth as the most resilient market in history.
In the last year, the market capitalization of the S&P 500 has reached $13 trillion. If this trend continues, it will reach 30% by 2024, which will be the largest annual growth since 1997.
On the back of bullish market sentiment, #bitcoin regained its position after a brief fall after the publication of the latest consumer price index. It #rose from a low of $59,000 to a high of $62,400, and its market capitalization exceeded $1.23 trillion.
analysts are closely watching key levels: a possible breakout - $63,900, resistance - $65,000. However, a break below $60,200 may be a signal for traders to return to buying.
the U. S. today's producer price index (PPI) was higher than expected, which indicates the growth of inflationary pressure: the PPI for September amounted to 1.8%, which is higher than expectations of 1.6%, and increases concerns that inflation remains one of the main problems for the Fed.
Despite inflation concerns, the Fed cut rates by 0.5% last month, which boosted both stocks and #cryptocurrencies . Investors are now keeping a close eye on the FedWatch tool, which shows an 88% probability of another 25 basis point rate cut in November.
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