Analyst: Without a major "catalyst" in the near future, it will be difficult for Bitcoin to break through the $93,000 resistance level

Odaily News “Bitcoin continues to show resilience…up 4% week-over-week while the S&P 500 is down 6%,” Compass Point analyst Ed Engel said in a recent report. Historically, Bitcoin’s correlation with stocks has approached 1.0 during macro sell-offs; however, its 30-day correlation with the S&P 500 is just 0.65.
While we are optimistic about Bitcoin’s near-term decoupling, recent strength has been accompanied by thin trading volumes, reducing confidence that Bitcoin can break through $93,000 resistance without a major catalyst such as Fed easing or a tariff deal. That said, long-term Bitcoin holders remain steadfast, and Strategy buying is picking up as Bitcoin liquidity declines… These factors could further support its resilience amid volatile equity and fixed income backdrop.” (CNBC)