Bitcoin Decouples From S&P 500 Amid Financial Shifts

Financial conditions are causing Bitcoin to decouple from the S&P 500 for the first time, according to Andre Dragosch. This decoupling is materializing now, as evidenced by the log correlation between Bitcoin and the S&P 500.

The AI trade and semiconductor index, SOX, is expected to retrace to 6,000 due to a sharp deceleration in billings growth after prior tightening, Dragosch projects. The price action on the 4h chart supports a bullish stance for Bitcoin.

Bitcoin's price has tested upper Bollinger resistance at $80,378.85 while its RSI sits neutral at 55.57, making a healthy retracement to the 50-EMA support at $78,983.42 probable before further continuation higher.