Global liquidity is turning higher again, while Bitcoin has stalled after its recent pullback and has yet to fully respond to this renewed liquidity impulse.

Historically, $BTC tends to track global liquidity closely. The current divergence may be driven by residual four-year cycle distribution combined with year-end tax-loss harvesting, both of which can suppress price action.

Q1 of next year should provide the first real test of whether Bitcoin can break from the traditional four-year cycle. Until then, markets may need to navigate a period of lower liquidity and muted volume.

BTCUSDT

Prep

85,890.6

-2.08%