Bitcoin stabilizes around $90k while its correlation with the S&P 500 keeps traders on edge

The behavior of Bitcoin in recent weeks has been strongly linked to the performance of the U.S. stock markets, particularly the S&P 500, reflecting an interdependence dynamic that concerns global investors. According to recent market analyses, the 60-day correlation between BTC and the stock index remains a key factor in market sentiment, maintaining caution as the dominant tone among participants.

Two-Month Stalemate: Bitcoin and Wall Street in a Waiting Game

Over the past 60 days, Bitcoin has shown a lack of significant progress against the S&P 500, a phenomenon that reflects widespread consolidation in global financial markets. Market data analysis reveals that BTC is positioned right at the breakout level established since November 2024, when election results reshaped the macroeconomic landscape.

Bitcoin is currently trading near $90,384, after falling from the peak of $94,762 recorded earlier last week. Meanwhile, the S&P 500 has only gained 0.53% in recent sessions, remaining in the $6,900-$6,800 range observed in previous months. This lack of synchronization in gains contrasts with the similarity in downward movements, demonstrating how the correlation between the two assets acts as an anchor during times of economic uncertainty.

Macroeconomic pressures limit bullish momentum

Current geopolitical tensions, particularly between the United States and Venezuela, have created an environment of distrust in global markets. Investors face a complex dilemma: assessing macroeconomic uncertainty while trying to maintain positions in volatile assets. Bitcoin, as an asset correlated with risk markets, is especially vulnerable to these sentiment shifts.

The New Year rebound that pushed Bitcoin toward highs near $94,762 has lost momentum, marking the beginning of a corrective phase where profit-taking dominates over new purchases. Bitcoin’s fall below the psychological barrier of $90,000 yesterday reflected this vulnerability, although the subsequent recovery keeps the key support zone for bulls intact.

The risk of a larger correction

Specialized analysts warn of possible additional pullbacks that could drive the price lower, with some projecting a drop toward the $76,000 zone if the pattern of technical signals on weekly charts confirms weakness in the rebound. This projection is based on the observation of chart formations that have historically preceded significant corrections.

However, the market’s fundamental basis remains relatively intact. Trading ranges in January are consistent with previous patterns, suggesting that although volatility will continue, the fundamentals of the digital asset have not suffered structural damage. The correlation between Bitcoin and the S&P 500 will continue to be a critical indicator to monitor in the coming weeks, especially given the uncertain macroeconomic environment.

Bitcoin’s resilience around $90,000 represents a strategic zone where both bulls and bears focus their attention, making this level possibly the most important to watch in the short term.