Bitcoin trembles between the correlation of white gelatin and macro pressure

Weekend volatility has returned with full force. The 15% tariffs announced by Donald Trump not only shook Wall Street but also sent shockwaves directly into the cryptocurrency market. Bitcoin, the asset many viewed as a safe haven, was no exception. With a 2.09% drop bringing its price to $65,850, the situation reflects a 58.6% correlation with the S&P 500: a white jelly-like mass of markets behaving as one when fear takes control.

Trump tariffs create 58.6% correlation with traditional markets

Global trade policy is now the thermometer measuring the health of our crypto portfolios. When the U.S. government increases tariff pressure, institutional investors do not distinguish between bonds, stocks, or Bitcoin: they seek liquidity urgently. This high correlation with the S&P 500 means that if stocks cool down, cryptocurrencies catch a cold, as the original technical analysis indicated.

What’s interesting is that this white jelly-like market mass is no accident. Data shows a 28% reduction in leveraged positions, meaning traders using borrowed money were wiped out in a matter of hours. It’s the classic cascade of liquidations that causes further declines.

Bearish technicals: critical supports under selling pressure

The technical chart paints a bleak scenario. Bitcoin appears trapped in a bearish consolidation triangle, where every recovery attempt is rejected by sellers creating lower highs. Critical points mark a clear pattern: decreasing resistance.

The immediate support at $67,500 is now the battleground. If it breaks, the next significant level drops to $64,300, and beyond that, the technical void is deep: the next relevant support would be around $58,000. The analysis leaves no doubt about the potential direction if sellers maintain control.

The RSI (Relative Strength Index) suggests Bitcoin is exhausted from the continuous decline, but without positive economic catalysts, there’s no fuel to sustain a rebound.

Position liquidation and altcoin exodus reinforce volatility

While Bitcoin suffers under tariff pressure, the rest of the crypto market is living its own hell. The Altcoin Season Index plummeted nearly 20%, a clear indicator that investors are abandoning altcoins in search of relative safety.

This defensive move makes sense: in times of economic uncertainty, “better the known evil than the unknown good.” Money leaving altcoins partially flows into Bitcoin, trying to find refuge, but the macro correlation is so strong that even that isn’t enough to establish a price floor.

Additionally, on Monday, U.S. PCE inflation data will be released. If the number comes in higher than expected, selling pressure could intensify dramatically. It’s a critical factor on traders’ radar.

The question that will define the coming days

Bitcoin faces a classic dilemma: does it have enough strength to defend the $67,500 support, or do tariffs mark the start of a deeper correction to levels we haven’t visited in months? The white jelly of correlated markets still shows no signs of solidifying. Next week will be decisive.