Overview

• Bitcoin’s one-week rolling correlation with the S&P 500 has surged to 80%, reflecting heightened sensitivity to equity market movements.
• Analysts warn that the short-term correlation metric is inherently volatile and often reverses within weeks.
• Influential macro factors such as interest rate expectations, liquidity conditions and risk-on/risk-off sentiment are now directly impacting Bitcoin’s price swings.
• Technical indicators show BTC trading around $116,565 within a tight range supported by converging 50-, 100- and 200-day moving averages near $116,000.
• Traders are eyeing a break above $118,500–$120,000 for a potential rally toward $123,000 while a drop below $114,000 could prompt a retest of support near $110,000.