Glassnode: Bitcoin-S&P 500 Correlation Hits 0.80

Glassnode data reveals Bitcoin has rarely tracked equities this closely, with the correlation to the S&P 500 hitting 0.80 across the last 30 US sessions.

Since 2020 the metric has spent most of its time well below that threshold, underscoring that macro forces now set the direction despite narratives of relative strength.

Price sits at $75794.61 inside the Bollinger Bands on the 4h chart, with the upper band at $81578.58 acting as immediate resistance while the lower band at $73988.56 marks short-term support. The bearish trend structure remains intact as price trades below both the EMA50 at $78075.08 and the EMA200 at $80601.45, while the MACD death cross at -638.61 confirms momentum has shifted lower and the neutral RSI at 37.55 leaves room for further downside before any meaningful bounce.