Bitcoin's tight correlation with global M2 suggests that broader monetary conditions continue to influence its market trajectory.
Recent price action shows Bitcoin following a downward trend similar to global M2, reflecting its responsiveness to changes in liquidity.
The newly announced US Strategic Bitcoin Reserve (SBR) has caused a sell-off in Bitcoin, highlighting inefficiencies in pricing its geopolitical importance.
Despite the dip, technical signals indicate a possible local bottom forming for Bitcoin, with support levels suggesting a potential reversal.