Bitcoin: Decoupling From S&P 500 Accelerates

Bitcoin shows the first clear signs of decoupling from the S&P 500 as financial conditions pivot, according to Andre Dragosch.

Dragosch remains bearish on the AI trade and semiconductor index, projecting the SOX will retrace to 6,000 as billings growth decelerates sharply after prior tightening. He cites the log correlation between Bitcoin and the S&P 500 as evidence the infamous decoupling is materializing now.

Price action on the 4h chart supports the bullish Bitcoin stance. With price testing upper Bollinger resistance at $80378.85 while RSI sits neutral at 55.57, a healthy retracement to the 50-EMA support at $78983.42 appears probable before further continuation higher. The MACD golden cross at -122.91 reinforces the underlying bullish trend structure above the 200-EMA at $73979.87.