Analyst drops blunt take as S&P 500 nears record highs ahead of key inflation data
Analyst drops blunt take as S&P 500 nears record highs ahead of key inflation data originally appeared on TheStreet.
Bitcoin's brief dip below $100,000 this week may have rattled nerves, but technical analysts say the move was nothing more than a classic 'liquidity grab' — and that the bounce confirms bullish momentum remains intact.
'I thought we might go lower... but it was just a classic liquidity grab right under a key level of support,' TheStreet Roundtable host Scott Melker said during a conversation with pseudonymous analyst TheChartGuys.
According to TheChartGuys, who joined Melker on the show, the move below $100,000 wasn't meaningful from a market structure standpoint.
'We were only under $100,000 for a few hours... we call that a lack of acceptance,' he said. 'The price has a lack of acceptance under $100,000, which again is exactly what bulls want to see at this point.'He added that Bitcoin continues to respect the weekly EMA12 — a key support level — which suggests the recent action is forming a bull flag. 'If weekly EMA12 is support, it's a bull flag,' he explained. 'And so we held it miraculously.'
This setup differs from the last major breakdown, he argued, due to three key factors: 'Number one, positive geopolitical headlines. Number two, we've now seen the lack of acceptance under a hundred thousand. And number three, we've got the broader market hitting all-time highs.'
The S&P 500 and Nasdaq reaching new peaks may be offering a supportive macro backdrop, he said, giving bulls further reasons to stay confident.
What would invalidate the setup? A deeper retracement. 'This last time around gave back 75% of that bounce,' he said. 'What I want to see on this next daily consolidation... is less than 50% retracement.'All things considered, the analyst said, 'No red flags for bulls.' Confidence also remains strong across crypto equities, where 'profit is sloshing around between names.'
Bitcoin is trading at $106,999, down from a 24-hour high of $107,884, according to Kraken's price feeds. The move comes as traders digest macro uncertainty and await further catalysts. Despite the dip, BTC is still up over 75% year-on-year, holding strong above its weekly support levels.
The S&P 500 is just 0.1% below its all-time high of 6,147.76, up 23.3% since its April 8 low. Optimism around a finalized U.S.–China trade framework is lifting market sentiment. Investors now await fresh U.S. inflation data to confirm the rally's momentum.
Analyst drops blunt take as S&P 500 nears record highs ahead of key inflation data first appeared on TheStreet on Jun 27, 2025
This story was originally reported by TheStreet on Jun 27, 2025, where it first appeared.
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