Bitcoin Holds $79.4K Support, Eyes $85K Breakout as S&P 500 Hits New High

Bitcoin (BTCUSD) has rebounded to ~$80,542, firmly holding key support at ~$79,400 (prior April highs) and targeting a breakout to the 50-week EMA near $84,000–$85,000 amid S&P 500's record close and Dow's revisit to 50,000. This builds on May 12 analysis spotlighting a bull pennant, $80,600 horizontal support, initial 50/100-day golden cross, and upside potential to $126,000, despite M-pattern dip risks to $79,000. Surging leveraged ETF AUM to $177B (+$45B since March) and M2 at $22.7T (+4.6% YoY) bolster the bullish risk-on narrative if supports persist.