Key takeaways:

• Bitcoin’s drop below $75,000 marks a sharp decoupling from a record-breaking stock market fueled by the AI boom.
• Crypto trader sentiment remains weak as key US regulatory acts face ongoing delays.

Bitcoin’s (BTC) rejection at $78,000 on Thursday marked a decoupling from traditional markets after two months of strong correlation. Wednesday’s decline below $75,000 happened while the tech-heavy Nasdaq 100 Index jumped to an all-time high.

The factors behind Bitcoin’s underperformance are unlikely to fade in the near term, reducing the odds of a bullish breakout above $82,000.

Russell 2000 Index (left) vs. Bitcoin/USD (right). Source: TradingView

The US small-cap Russell 2000 Index reached a record high on Wednesday,…