Bitcoin is rallying but the market it depends on is not that strong.

The S&P 500 is at new highs.

But only ~55% of stocks are above their 200-day average.

In strong rallies, that number is closer to 65–75%.

This is a narrow move, driven by a small group of stocks.

Bitcoin is still trading as a risk asset. So if this equity rally loses momentum, BTC won’t be immune.