Bitcoin price surges past $46K following record-breaking highs in S&P 500

Bitcoin (BTC) surged towards its January highs on February 9th as bullish momentum overcame resistance. The price of BTC reached $46,365 on Bitstamp, marking a gain of over 2% since the previous day’s close. This uptick in price coincided with the launch of the United States spot Bitcoin exchange-traded funds (ETFs), which contributed to the bullish sentiment. Additionally, Bitcoin’s upward movement aligned with a historic milestone for U.S. stocks, as the S&P 500 reached 5,000 points for the first time ever. Experts suggest that this positive trend could continue for both stocks and cryptocurrencies. Looking ahead, traders emphasize the importance of maintaining support above the 50-day simple moving average, which is currently around $43,000. The BTC price has been consolidating within a range for over 150 days, with the highs reached in January acting as a key resistance level. Various theories have emerged regarding the potential impact of the upcoming block subsidy halving in April. It is important to note that this article does not provide investment advice, and readers should conduct their own research before making any financial decisions.