I noticed that yesterday Bitcoin took a step back along with the global stock markets, dropping to $73,850 with a 1% loss in 24 hours. But looking at the week, it still remains up about 3%, which tells me it's not a real crash but rather a position cleanup. Ethereum followed the same movement, now at $2,320 with a -2.5% daily change but still up 3.25% for the week.

According to analysts I've read, what we're seeing is mainly leverage liquidation and risk reduction, not a structural trend reversal. Daniel Reis-Faria of ZeroStack said something interesting: Bitcoin moves like a macro asset; when the Nasdaq retraces after Nvidia's earnings, quick capital withdraws from all asset classes, crypto included. The curious thing is that buyers quietly re-entered during the night, suggesting support is still there.

But what struck me the most is the performance of altcoins. Despite macro pressure, altcoins held up better than Bitcoin on a weekly basis, although this week's data shows weaker performance compared to previous weeks. What stands out is that Asian capital continues to flow into tech-related segments, with Asian markets poised to outperform the S&P 500 for the third month in a row. This capital flow into Asia, especially toward South Korean tech stocks, is evidently draining liquidity from Western markets, crypto included.

Essentially, global capital is shifting, and Bitcoin is following the flow. As long as we don't see a new, steady demand independent of stock movements, these retracements will continue. Bitcoin remains confined within a narrow range, and every time markets breathe, crypto breathes with them.