Bitcoin and Ethereum Prices Lag Behind S&P 500 Rally Amid Trump's Record-Breaking Presidency

The S&P 500 index has achieved an unprecedented milestone, surpassing 7,000 points for the first time in history. This remarkable growth is attributed to President Trump's presidency, which has yielded the best returns for the US stock market since 2001.

As a result of this rally, analysts are scrutinizing the performance of various presidents and their impact on the stock market. According to CNN, President Trump's second term has seen a 16% gain in the US stock market, surpassing the average 15% return since 2001.

Despite the correlation between Bitcoin and the S&P 500, the cryptocurrency has struggled to keep pace with the rally. In fact, crypto stocks such as Coinbase (COIN), Circle (CRCL), and Strategy (MSTR) have outperformed BTC. Analysts predict that if Bitcoin breaks key resistance levels, it could reclaim its previous ATH.

Ethereum, on the other hand, has been trading within an ascending channel for the past two months. However, the bullish outlook of this pattern is confirmed only if the price remains below the midline support. If ETH mirrors the uptrend in the US stock market and breaks resistance at the upper trendline, a strong trend to the upside could commence.