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Bitcoin is trading at $70,800 (at the time of writing) but the real news is that it’s no longer behaving like a technology stock. After years of tight correlation with Nasdaq and software names, BTC is decoupling and entering a new phase where macro forces are driving price action.
🚨 BITCOIN JUST BROKE ITS MOST IMPORTANT CORRELATION ‼️
Bitcoin is no longer trading like software.
That shift just happened, and it’s a big one.For years, BTC moved with tech.
Now it’s starting to behave like a scarcity asset.🔹 Correlation to software just broke
🔹 Trading… pic.twitter.com/zp5lE375JO— BMNR Bullz (@BMNRBullz) April 12, 2026
The move is fueled by liquidity expansion in the financial system, falling real yields as inflation begins to outpace short-term rates and returning risk appetite. This is as markets anticipate a softer monetary policy path. It’s instructive that the shift is happening in real time as capital rotates out of money-market funds and into Bitcoin as a scarcity asset.
Bitcoin price has stabilized near $70,800 after recent volatility from geopolitical events. The number of addresses in loss stands at approximately 13.5 million, according to Glassnode data. This large cohort of underwater holders continues to generate sell pressure whenever the price approaches resistance levels.
With BTC at $70.8k, the Number of Addresses in Loss stands at ~13.5M.
This indicates that a meaningful portion of the network acquired coins above the current spot price.📉 https://t.co/j7KOUcWPdv pic.twitter.com/0hpQIYD7cR
— glassnode (@glassnode) April 12, 2026
The short-term technical picture for Bitcoin price is neutral to mildly constructive. Near-term moving averages are mostly in buy territory, with MACD and Momentum showing positive signals. Oscillators are largely neutral, indicating the current price action lacks strong conviction.
The modest daily gain shows buyers are defending key levels, but there is no overwhelming momentum yet. Volume remains moderate, and the market is waiting for a clear catalyst to break the current range.
The main driver is a clear regime shift in how Bitcoin is priced. Correlation with tech stocks has broken, and BTC is now trading more closely with macro indicators and the S&P 500. Capital is rotating out of money-market funds into Bitcoin as investors seek a hedge against rising inflation and dollar pressure.
From April 2026 CPI, inflation is projected to move above short-term yields in the coming months. That is expected to flip real yields negative. Historically, Bitcoin has tended to perform well when real yields turn negative. Geopolitical instability such as events unfolding in Iran, and inflation pressures in emerging markets are adding further tailwinds. This macro-driven environment is replacing the old tech-beta narrative with one centered on scarcity and store-of-value characteristics.
Bitcoin price is in the early stages of macro-driven price discovery. If real yields turn decisively negative and capital rotation from money markets accelerates, Bitcoin could see renewed upside momentum. However, the 13.5 million addresses in loss mean any rally near current levels will likely face repeated profit-taking and sell pressure.
Traders should watch for sustained strength above $72,000 as confirmation of the new macro regime. A failure to hold $68,000 support would suggest the rotation is not yet strong enough to overcome on-chain selling. For now, Bitcoin’s price action reflects a market transitioning from tech correlation to macro dominance.
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