Bitcoin has been showing interesting movements over the past few weeks. Just last week, it rose about 7%, trading above $71,000, but what’s notable is that its correlation with tech stocks and gold has clearly weakened.

Usually, Bitcoin moves in tandem with tech stocks, but this week, it’s acting independently even as the iShares Expanded Technology Software ETF declines. Looking at BlackRock’s iShares Bitcoin Trust (IBIT), it’s up about 3.5%, approaching a one-month high, while gold and US stocks remain weak throughout the week. This decoupling suggests that, in the short term, Bitcoin is no longer being treated simply as a risk asset.

It also seems that institutional investors are starting to buy back in earnest. The US spot Bitcoin ETF recorded a net inflow of about $1.3 billion in March, and it’s expected to be the first positive month since October. While the Middle East conflict has intensified, causing Bitcoin to rise over 13% in two weeks, IGV has increased only about 3%, and gold has fallen roughly 6% during the same period, which is quite interesting.

However, market sentiment remains cautious. The Fear & Greed Index is in the “Extreme Fear” zone, and the perpetual futures funding rate remains negative. This indicates that short positions are dominant, but at the same time, it can also be seen as Bitcoin no longer being viewed as a risk asset at all.

The current price is around $71,720, with about a 7% increase over the past 7 days. It’s also been up about 0.5% this month. The main trend line is being tested, and if it breaks, a rally toward $100,000 could be on the horizon.