Bitcoin pushes toward $87K as S&P 500, Nasdaq hit records — SkimNews
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- Bitcoin was attempting to return to $87,000 after a failed breakout on Monday, per TradingView data, with CoinGlass showing a "ladder" of ask orders from $87,000 down to $86,500 capping upside.
- S&P 500 (7,835), Nasdaq 100 (31,312), and Nasdaq Composite (27,683) all hit new record highs at the Wall Street open, with the Kobeissi Letter noting the index has added 24%, or $71.3 trillion in value, since March 30.
- Mosaic Asset Company said shifting expectations around Fed rate hikes in Q4 2026 could become a "catalyst for a durable rally," while flagging that stock-market breadth is near six-month lows — only 25% of S&P 500 stocks were above their 50-day SMA last week.
- CryptoQuant data shows the Bitcoin-S&P 500 correlation at 0.51 as of Oct. 2, the highest level since early June, meaning the two assets are moving in closer lockstep.
- Keith Alan, co-founder of Material Indicators, identified support at $83,500 (Bitcoin's 21-day SMA, last traded Sept. 18) and an invalidation threshold at $87,375, with a reclaim above the Yearly Open at $87,496 needed to confirm a durable bull market push toward $91,540.
Why it matters: Despite record index highs, only 25% of S&P 500 stocks are above their 50-day moving average, meaning the rally is concentrated in a handful of mega-cap tech names and leaving the broader market vulnerable to sharp rotation. For Bitcoin, the rising 0.51 correlation with the S&P 500 ties BTC's near-term direction to equity flows, with the $87,375 resistance wall and $83,500 support floor as the decisive levels traders are watching.
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