Bitcoin Cracks $70,000, But Bulls Should Not Get Their Hopes Up
Posted On March 23, 2026
Bitcoin (CRYPTO: BTC) has climbed back above $70,000 after weekend weakness, but on-chain data suggests the broader correction may not be over.
Decoupling From Equities
CryptoQuant data shows Bitcoin is undergoing its longest period of decoupling from the S&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 …
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