Bitcoin Fails to Match Equities Rally Amid Weak Correlation

Bitcoin's price has held steady above $64,000, up 0.7% in the past 24 hours, as market sentiment remains bullish following optimism surrounding a US-Iran peace deal and improving ETF inflows.

The recent dip in oil prices to its third consecutive day of losses has helped calm inflation concerns, with Treasury yields ticking lower. This could potentially lead markets to scale back expectations for a more hawkish Federal Reserve, which would be supportive of Bitcoin and other risk assets.

However, the strong rebound seen in equities hasn't been matched by Bitcoin, with its 30-day rolling correlation with the S&P 500 remaining relatively weak. This suggests that Bitcoin may need a crypto-specific catalyst to break meaningfully higher rather than relying on improving risk sentiment alone.