Bitcoin has continued to weaken even as U.S. stock markets rise, raising questions about its recent co-movement with traditional markets. It failed to break the $78,000 resistance level and fell further. Miner selling and a shift of funds into AI data centres and high-performance computing are cited as factors, along with a large transfer by Trump Media & Technology Group. Delays in U.S. crypto legislation and fading liquidity expectations also weigh.

A long-cycle analysis says Bitcoin has repeatedly been declared finished after major shocks such as the Mt Gox hack, China’s trading restrictions and the Terra and FTX collapses, but has rebounded each time to set new highs. The review divides the 2009-2026 period into seven cycles and charts sharp sell-offs followed by recoveries. It also notes episodes of heavy liquidations and a recent geopolitical shock in early 2026.