Bitcoin Price Weakens as Correlation With Stocks Hits Lowest Since FTX Collapse
According to Santiment data, Bitcoin's correlation with major U.S. stock indexes has dropped to its lowest level since the FTX collapse in late 2022, declining approximately 43% over the past six months. During this period, Bitcoin fell about 43%, while the S&P 500 rose 7% and gold climbed 51%, highlighting a significant divergence in performance.
Bitcoin is currently trading around $65,420, showing minor recovery but remaining technically weak. Key indicators such as the death cross formation (50-day MA below 200-day MA) and an RSI of 35.26 suggest continued bearish momentum. The price is consolidating within a $60,000–$70,000 range with lower highs, indicating seller dominance.
Near-term support lies at $63,900–$64,000, with critical psychological support at $60,000. Resistance levels are near $70,000 and the 50-day MA around $79,672. The analysis concludes that Bitcoin shows no clear signs of its downward trend reversal.
TheNewsCrypto02/25 14:15