According to Cointelegraph: Bitcoin is set to reclaim the spotlight as BTC price gains align with U.S. stocks, particularly the S&P 500. New analysis suggests that Bitcoin (BTC) is primed for a breakout, potentially challenging its 2021 record highs against U.S. equities.
Bitcoin’s Comeback Against U.S. Stocks
As Bitcoin continues to rally, it's on course to regain momentum relative to U.S. stocks, specifically the Invesco S&P 500 Equal Weight ETF (RSP). According to Caleb Franzen, creator of Cubic Analytics, BTC is breaking out of a regression channel that has been in place since 2021, signalling a potential surge.
Franzen notes that while Bitcoin was previously rejected at its all-time highs (ATH) against RSP, it is now showing signs of breaking above this critical level.
"The ongoing breakout implies a return back to the blue zone," Franzen stated, referring to a price target that could serve as both resistance and a new milestone for Bitcoin. He further emphasized that traders might consider shorting RSP and going long on BTC based on the current market structure.
Williams%R Oscillator Signals More Upside
Supporting this bullish outlook, the Williams%R Oscillator—a tool measuring trend strength across timeframes—suggests further upside for BTC/USD. Franzen highlighted that the 120-day iteration of this indicator has rebounded from oversold conditions, just as it did during significant price surges in January 2024 and October 2023. Both instances saw Bitcoin gain 48% and 123%, respectively, over the following three months.
"As we can see, this signal is both rare & highly effective," Franzen noted, projecting continued strength for BTC in the short term.
Bitcoin Eyes a New Macro High in 2025
With Bitcoin currently trading at levels unseen since July 2024, investor confidence is on the rise. As BTC approaches the $69,000 resistance level—its final hurdle before entering price discovery mode—market analysts remain optimistic.
Final Resistance Before a Breakout
Despite hovering just below $69,000, Bitcoin faces a key resistance zone that has held since March 2024. However, recent daily closes above a descending channel have added fuel to the bullish narrative.
Rekt Capital, a popular crypto trader and analyst, emphasized the importance of Bitcoin’s current price movements, stating:
"History has been made as Bitcoin has registered its first Daily Candle Close above the red resistance area. Bitcoin will now try to retest the top of this resistance into new support."
As long as BTC stays above $66,400, analysts predict a bullish weekly close, opening the door for further gains and potentially new all-time highs in 2025.
Will Bitcoin Break Through $69K?
The market is closely watching Bitcoin’s potential to break through $69,000, a critical level that could signal the beginning of its next major rally. With institutional inflows strengthening and technical indicators aligning, the stage is set for BTC to challenge its 2021 highs and beyond.
