Bitcoin (CRYPTO: BTC) has climbed back above $70,000 after weekend weakness, but on-chain data suggests the broader correction may not be over.



<h2>Decoupling From Equities</h2>



CryptoQuant data shows Bitcoin is undergoing its longest period of decoupling from the S&amp;P 500 since 2020.



While equities continued to perform, Bitcoin entered a downturn starting in October, diverging from its usual correlation with traditional markets.



The shift was triggered by a major liquidation event on Oct. 10, when roughly 70,000 BTC in open interest was wiped out, erasing months of positioning in a single session.



Since then, Bitcoin has remained under pressure amid geopolitical tensions and macro uncertainty, even as equities initially held up.



The divergence suggests crypto may have already absorbed significant downside and highlights Bitcoin's tendency to react more sharply to global risk events.



<h2>Bearish Bias In The Near Term</h2>



According to More Crypto Online's Elliott Wave analysis, Bitcoin has completed a five-wave decline from its mid-March high, increasing the risk of further downside.



The most bearish scenario points to a potential bounce into the $70,500–$74,800 resistance zone, followed by a move lower toward $55,000–$56,000. A weak rebound would reinforce this outlook.



A bullish scenario remains possible but would require a strong break above resistance to regain momentum and target the $80,000 level.



In the near term, analysts say the next few days are critical, with price reactions around key support and resistance likely to determine Bitcoin's next move.



Image: Shutterstock

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Bitcoin has surpassed $70,000 after a weekend dip, but on-chain data indicates a potential ongoing correction. It is experiencing its longest decoupling from the S&P 500 since 2020, following a significant liquidation event on October 10. Analysts suggest a bearish bias in the near term, with a possible bounce to $70,500–$74,800 before a decline towards $55,000–$56,000. A bullish scenario could emerge if Bitcoin breaks above resistance to target $80,000. The next few days are critical for determining Bitcoin's direction.

- Bitcoin has risen above $70,000 after recent weaknesses, but on-chain data indicates that a broader correction may persist.  
- The cryptocurrency has experienced its longest decoupling from the S&P 500 since 2020 due to a major liquidation event on October 10, which led to ongoing pressure from geopolitical and macroeconomic factors.  
- Analysts suggest that Bitcoin could face a bearish trend, with potential support levels around $55,000–$56,000, while a bullish scenario hinges on breaking through resistance levels to aim for $80,000.

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Bitcoin Cracks $70,000, But Bulls Should Not Get Their Hopes Up