Bitcoin Has Stabilized But Stocks Are Testing The SetupFlows are stabilizing Bitcoin, but the macro backdrop is starting to push in the opposite direction.
Over the past few weeks, you’ve probably noticed something that feels different. Bitcoin has been holding up better than equities. Flows have started to turn. And naturally, the idea starts to creep in that maybe this time is different. Maybe Bitcoin is finally starting to move on its own. The problem is that the data doesn’t really support that. Something we discussed in more details last week. When you step back, Bitcoin is still moving inside the same system as the rest of the market. It reacts to the same shifts in liquidity and risk appetite. That hasn’t changed. What has changed is the internal picture. A few weeks ago, the trend was clearly deteriorating. Now it’s not. The demand backdrop has improved enough that Bitcoin is no longer drifting lower by default. It’s stabilizing. And that’s where things get a bit tricky. Because just as Bitcoin’s own setup is improving, the broader market is starting to weaken. Not dramatically yet, but enough to raise the question of whether this recovery is about to run into a headwind. So the question is whether that improvement can hold if the rest of the market starts to roll over. Let’s go through the data. Ecoinometrics delivers professional-grade crypto and macro analysis to help institutional investors and serious traders make data-driven decisions. Our team conducts rigorous quantitative research, developing proprietary metrics and institutional-quality visualizations that cut through the noise to reveal key market dynamics. Each newsletter provides clear, actionable insights backed by data, delivered in a concise format that respects your time - five minutes to absorb, but deep enough to inform your investment strategy. Join over 35,000 professional investors and fund managers: Ready? Let’s dig into the data. Bitcoin Has Stabilized But Stocks Are Testing The SetupThe TakeawayBitcoin has moved out of a deterioration phase and is now stabilizing, with price broadly in line with ETF-driven demand. But that stabilization remains fragile... Continue reading this post for free in the Substack app
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Monday, March 23, 2026
Bitcoin Has Stabilized But Stocks Are Testing The Setup
Bitcoin Showing Early Signs of Decoupling from Gold?
Bitcoin Showing Early Signs of Decoupling from Gold?Bitcoin vs Gold: A Temporary Divergence or the Start of a New Market Dynamic?
What’s HappeningPrice ActionBitcoin has dropped over 5.6% this week as geopolitical concerns continue to weigh on markets amid the stress of the Middle East conflict.
Figure 1: Past week price action While this may seem like a major concern for BTC, the reality is that price has simply dropped back into the range we identified back in February after a short fakeout to the upside.
Figure 2: BTC back in the range. We warned that traders would need to be patient as the most likely near-term price action would be ranging, which is what has happened throughout February and March. Meanwhile, the 200-week moving average continues to steadily track higher, now at $59,200, while Realized Price holds steady around $54,000.
Bitcoin Showing Early Signs of Decoupling from Gold?Bitcoin may be starting to carve out its own path, separate from gold and traditional macro assets. In some ways, the recent ranging price action in Bitcoin is constructive. While it has moved sideways following its sharp decline in late January, gold and broader markets have come under heavier pressure over the past week, potentially playing catch-up to Bitcoin’s earlier correction. The divergence is notable: BTC has stabilised, while gold has dropped sharply. This raises the question…is Bitcoin beginning to decouple?
Figure 3: Gold (yellow line) has dropped heavily this past week. Gold is now on course to post its first significantly negative month in over two years, a notable shift for an asset typically viewed as a safe haven, especially amid heightened geopolitical tensions. The monthly heatmap below shows that Gold is on track to record a monthly decline of -12.62%.
Figure 4: Gold posting its first >3% monthly decline in over two years. Why might this be happening? The divergence may also reflect a structural difference in demand. Gold is heavily influenced by central banks and interest rate expectations, whereas Bitcoin is increasingly shaped by individual demand for portability, self-custody, and uninterrupted access to capital. That said, it is still early to call a true decoupling. Bitcoin remains closely tied to broader risk sentiment, particularly equities. If tech stocks were to see another significant leg lower, BTC may struggle to avoid the same liquidity-driven sell-off seen in previous drawdowns. For now, the divergence is encouraging but not decisive. The coming weeks will be key in determining whether Bitcoin is truly beginning to stand apart, or simply pausing before its next move in line with global markets. Want the full picture? Pro members get 200+ exclusive live charts, instant alerts, expert analysis, and weekly reports from our team. Join thousands of Bitcoin investors who’ve stopped guessing. The Bitcoin Magazine Pro Team. Bitcoin Magazine Pro
For more detailed Bitcoin analysis and to access advanced features like live charts, personalized indicator alerts, and in-depth industry reports, check out Bitcoin Magazine Pro. Make Smarter Decisions About Bitcoin. Join millions of investors who get clarity about Bitcoin using data analytics you can’t get anywhere else. We don’t just provide data for data’s sake, we provide the metrics and tools that really matter. So you get to supercharge your insights, not your workload. Take the next step in your Bitcoin investing journey:
Invest wisely, stay informed, and let data drive your decisions. Thank you for reading, and here’s to your future success in the Bitcoin market! Disclaimer: This newsletter is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions. We sincerely appreciate your support and hope you found this content valuable. Please leave a like and let us know your thoughts in the comments section; we always welcome feedback from our audience!
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