On Tuesday, the price of Bitcoin fell to its lowest level in two months, continuing the trend of the cryptocurrency market decoupling from traditional stock exchanges. According to TradingView data, the price of Bitcoin (BTC) on the Coinbase exchange dropped to $70,023, the lowest level observed since April 7. The daily decline exceeded 4%, while weekly losses reached 8%. This is reported by Cointelegraph.com .
While the crypto market is declining, US stock markets are showing growth. On Monday, the S&P 500 index exceeded 7,600 points, setting a record, while the technology-heavy Nasdaq index reached a peak above 27,000 points. Andri Fauzan Adziima, head of research at Bitrue Research Institute, noted that Bitcoin is currently the only major asset in a contraction phase.
According to experts from the analytical platform Santiment, it is becoming difficult for traders to ignore the divergence between traditional stocks and crypto. Investors are favoring stocks over alternative assets like Bitcoin and altcoins. This is causing capital to flow out of the crypto market and into the stock market.
However, Santiment noted that this situation will not last forever and that increased media talk about the dominance of stocks often signals a market reversal. Currently, Bitcoin is approaching the 200-week exponential moving average (EMA) resistance level around $69,000.
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