Bitcoin Lagging as Stocks Hit New Highs

The S&P 500 and Nasdaq 100 reached new record highs on Tuesday, September 6, but Bitcoin lagged behind, dropping to the $85,000 zone. This marked two weeks of sideways movement for the largest cryptocurrency, which typically moves in tandem with stock markets as both are considered risk-on assets.

Stocks were boosted by gains in AI-related companies, with AMD climbing 2.8% and Amazon adding 1.9%. The 10-year bond yield eased to about 5.26%, down from 5.33% the previous day, providing some relief to equities. Additionally, oil prices slipped under $100 a barrel, easing inflation concerns.

Analyst Bull Theory noted that bond yields were dropping across the curve, which could ease pressure on the Federal Reserve and stocks if sustained. Meanwhile, Bitcoin's price has been stuck between $84,000 and $87,000, trading about 32% below its October 2025 record near $126,200.

21Shares warned that a monthly close above $88,000 would confirm a trend change, while a slide to $81,000 could open a drop toward $71,300. Analyst Benjamin Cowen suggested that yields could fall after midterms, potentially lifting Bitcoin. The Federal Reserve is set to meet on October 27 and 28, with further yield drops likely needed for Bitcoin to catch up with Wall Street's gains.