Over the past few months, I've been observing the Bitcoin market and noticing some concerning trends. Amid ongoing macroeconomic uncertainties, Bitcoin's price movements are beginning to lose their traditional role as "digital gold."

The series of economic indicators worsening, starting with weak U.S. retail sales last month, has put pressure on risk assets overall. During that period, Bitcoin temporarily fell below $70,000, dropping close to $67,900. However, looking at recent price movements over the past few weeks, signs of recovery are emerging. The latest data shows it has rebounded to the $77,500 range, maintaining a slight positive change compared to the previous day.

What’s particularly interesting is the movement of gold during this period. Gold has held steady above $5,000, maintaining its position as a safe haven asset. Meanwhile, in the 2026 market, the traditional narrative of Bitcoin being linked to gold is no longer holding. Even in times of rising economic uncertainty, BTC has not shown the defensive behavior typical of gold. Instead, it exhibits a strong correlation with technology stocks and the Nasdaq index, revealing its nature as a growth asset.

Concerns about the AI sector have also resurfaced. During periods when tech company valuations are being reassessed, selling pressure on the crypto market, especially AI-related tokens, tends to increase. On the other hand, the fact that the Dow Jones Industrial Average is hitting new all-time highs suggests that market funds are shifting toward defensive value stocks. The price formation of Bitcoin in 2026 is heavily influenced by capital flows among these large-cap stocks.

Current market sentiment remains in the "fear" zone. Trading volume is limited, and the market continues to lack a clear direction. For Bitcoin to make a substantial rebound, macroeconomic uncertainties—such as recent employment data (NFP)—need to be alleviated with positive catalysts.

In the short term, whether BTC can sustain the $77,000 level is a key point of focus. If it falls below this level, the risk of testing lower prices increases again. Conversely, if it surpasses $80,000, a shift in market psychology could be on the horizon. Will the price divergence from gold continue, or will they reconnect? In the 2026 market, Bitcoin remains in a state of uncertainty, unable to find clear answers amid this complex macro environment.