It's really weird that Bitcoin has been oversold on the news, while the S&P 500 and gold prices are close to all-time highs. The S&P 500 hit a record high on July 3, and gold prices are still less than 4% below the all-time high of $2,450 set on May 19. The stock market surge has been driven by corporate earnings that beat expectations and growing expectations that the Federal Reserve will cut interest rates throughout 2024. This situation emphasizes that the downturn in the cryptocurrency market has nothing to do with the broader demand for risky assets or alternative investments.

In addition, the yield on the US 5-year Treasury bond has remained at 4.33% for the past four weeks, indicating that there is no "risk-off" trend, and investors usually flock to safer assets. This trend usually leads to lower yields as demand for government-backed bonds rises and inflation concerns prompt traders to seek higher returns. However, none of these shifts have materialized recently, and Bitcoin has fallen 19% in four weeks without support from broader macroeconomic trends.

#BTC☀