While Bitcoin (BTC) has been weak over the past few months, with prices down more than 20% since hitting an all-time high in mid-March, the U.S. stock market — represented by the Nasdaq Composite and S&P 500 — appears to be moving in one direction, CoinDesk reported. Both stock averages closed higher for the seventh consecutive day on Wednesday, hitting all-time highs, MarketWatch reported. However, a report from The Block yesterday noted that Bitcoin’s correlation with these indices has fallen to multi-month lows — -0.84 with the Nasdaq and -0.82 with the S&P 500. However, that’s not the case today. They’re all moving in sync. But unfortunately for the bulls, stocks have fallen sharply. At noon New York time, the Nasdaq was down 1.8% and the S&P 500 was down 0.9%. Bitcoin, which had earlier climbed above $59,000 on positive U.S. inflation news, has now fallen 0.6% to $57,500. The broader CoinDesk 20 index fell 0.4%. Joel Kruger, market strategist at LMAX Group, said in a morning update that cryptocurrencies could fall further if a bad day for stocks turns into a broader correction.