Data shows that the correlation between Bitcoin and the S&P 500 index has rebounded to 0.88, indicating a renewed synchronization between the two markets, marking a shift from the previous divergence trend (since Trump's election, Bitcoin has risen by 47%, while the S&P 500 index has only increased by 4%).

Bitwise's Head of Research for Europe, Andre Dragosch, attributes the re-emerging correlation to macroeconomic factors, including the revised interest rate cut forecasts from the Federal Reserve and the strengthening dollar, which continue to exert pressure on both cryptocurrency and traditional markets. Despite Bitcoin's strong on-chain support, its price movements are increasingly influenced by broader market trends, suggesting potential short-term risks ahead. (CoinDesk)