On Monday evening, the S&P 500 closed at 7,835, and the Nasdaq also hit a new high, largely driven by the AI rally. At the same time, Bitcoin was hovering around $86,000. It tried to break $87,000 the day before yesterday but couldn't—the sell orders stacked up like a ladder between $86,500 and $87,000, capping its upside. What's interesting is the correlation: according to CryptoQuant, the correlation coefficient between BTC and the S&P 500 was 0.51 on October 2, its highest level since early June. In other words, Bitcoin didn't keep pace this time as U.S. stocks hit new highs, but its sensitivity to liquidity is increasing, rather than its sensitivity to the direction of the stock market. The 21-day moving average at $83,500 is the nearest support; below that, $82,500 is a key level to watch. To the upside, it needs to get above the year-to-date opening price of $87,496 before it makes sense to start talking about $91,540 again. My take: this crypto rally is waiting on liquidity, not a narrative. Do you think Bitcoin will catch up this time, or keep falling behind? $BTC $SPYB