Bitcoin Decouples From Equities As Correlation Falls

Bitcoin has started to decouple from equities as its correlation with the S&P approaches its lowest point in almost two years. According to Glassnode, this signals a fading of the tight equity relationship that defined much of the recent downtrend.

The price of Bitcoin currently holds at $78,236.77 within Bollinger Bands, with an upper resistance at $79,093.85 and lower support at $77,295.57. The bullish EMA50 is anchored at $77,588.19, while the EMA200 is at $71,427.05.

The neutral RSI of 44.62 combined with the MACD death cross at -13.41 indicates a probable healthy retracement to the 50-EMA before continuation, sharpening BTC price prediction models for the next leg higher.