Despite a historic stock market crash last week, the S&P 500 has largely recovered, and it’s now just 2.5% away from a new all-time high. 

Throughout 2026, Bitcoin has moved along with the stock market, driven by similar macroeconomic trends. However, the crypto market downturn is largely unmoved, so far. 

This is unbelievable.

The S&P 500 is now up 3.65% this week and just 2.5% away from a new ALL TIME HIGH.

This is happening despite a hotter than expected CPI print, and just one week after one of the biggest wipeouts in S&P 500 history. pic.twitter.com/ZqGsdWVEpu

— Bull Theory (@BullTheoryio) November 11, 2026

How the S&P 500 Bounced Back From Last Week’s Crash

Last week, an AI-driven selloff hit Wall Street hard. On November 5, the Nasdaq Composite fell 5.5%, while the S&P 500 posted one of its biggest wipeouts in history.

Now, stocks have recovered much of that ground.

Notably, the rally continued despite hot inflation data. October’s CPI rose 0.4% month over month, above the expected 0.3%. Core prices also climbed 0.3% for a third straight month.

As a result, traders now see an 87% chance of a Fed rate hike in December. But falling oil prices helped offset some inflation fears.

Many investors also appear to have bought the dip in AI and chip stocks.

Target Rate Probabilities for December 9 Meeting. Source: CME FedWatch Tool

Can Bitcoin Follow the Rally Back to Its Highs?

Bitcoin has struggled to keep pace: BTC trades near $74,400, roughly 40% below its ATH. Spot Bitcoin ETFs also saw nearly $1.3 billion in outflows in early November. Additionally, NVIDIA’s controversy weighed on tech stocks, keeping crypto traders cautious.

BTC has recently traded as a high-beta proxy for risk appetite. Therefore, a record-breaking S&P 500 could lure buyers back.

Under that path, Bitcoin could first target its 50-day moving average near $82,000. Renewed ETF inflows would strengthen that recovery.

#Bitcoin holds above the 200-Day MA.

That's great news.

It's not confirmed, yet.

I'd much want to see a clear breakthrough above the following levels and then I'm turning an absolute incredible bull.

– $75,000
– $77,200
– 21-MA

If that all happens, we're going to $100,000. pic.twitter.com/koIRsia16a

— Michaël van de Poppe (@CryptoMichNL) November 11, 2026

However, rate-hike fears dominate. Higher rates typically hurt non-yielding assets like Bitcoin more than profitable companies. Moreover, a stronger dollar from higher rates could add pressure on crypto prices.

In that case, Bitcoin could test its 200-day moving average, just above $73,000. A clean break below that level would threaten the longer-term uptrend.

For now, the gap between stocks and crypto remains wide. The Fed’s December decision may ultimately decide which scenario plays out.

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