Bitcoin Maintains Independence from US Stocks Amid Correlation Shift

Bitcoin has defied expectations by maintaining its historical correlation range of 0.40 over the past six months, according to Eric Balchunas. This is significant because it shows that BTC's price movements are not solely tied to US stocks, as some had claimed.

In fact, Bitcoin posted lower correlation to US stocks than gold, small caps, EM (Emerging Markets), and treasuries during this time period. Gold and treasuries have actually tightened their equity ties over the past six to twelve months.

The current price of BTC is $77,236.45, which is within its Bollinger band on the 4-hour chart. The EMA50 (Exponential Moving Average) at $77,526.72 serves as immediate resistance, while the EMA200 at $71,800.52 provides long-term support.

The MACD (Moving Average Convergence Divergence) death cross is currently at -291.25, and the RSI (Relative Strength Index) is neutral at 41.89. This setup suggests that BTC's price may test the lower band at $76,805.1 before any sustained move higher.