Bitcoin Frustrated Again at $75,000... Why Can't It Rise While AI Stocks Soar?

▲ Bitcoin (BTC)/AI generated image

While the stock market climbed towards its peak, Bitcoin (BTC) lost momentum below $75,000, driven by deeper issues of liquidity outflow and decelerating network participation rather than simple technical resistance.

According to crypto media outlet Bitcoinist on May 29 (local time), XWIN Research Japan's recent report attributed the divergence in stock and Bitcoin trends to structural differences. While stocks are rising on the back of AI-related profit growth, capital expenditures by companies like NVIDIA, aggressive share buybacks, and inflows into equity ETFs, Bitcoin's recovery has stalled due to weakened new liquidity and participant inflows.

XWIN Research Japan identified the most significant market trend since May 2026 as the divergence where stocks remain near their peak while Bitcoin underperforms. Bitcoinist reported that although both assets are classified as risk assets, the drivers currently moving stock prices and Bitcoin prices have decoupled. Stock investors are buying companies where future profit growth is confirmed by earnings reports, but Bitcoin, lacking earnings and cash flow, relies more heavily on inflows of new capital for its price.

Weakened demand was also confirmed in Bitcoin spot ETF fund flows. In the latter half of May, large-scale outflows occurred from Bitcoin spot ETFs, reversing the institutional demand channel that had been supplying stable new funds to Bitcoin's price. On-chain metrics also showed a decrease in active addresses, a slowdown in trading activity, and a contraction in network participation. CryptoQuant analyzed that Bitcoin's active addresses have shown a downward trend since 2024.

Bitcoinist pointed out that in strong Bitcoin cycles, price increases and increased user activity mutually reinforce each other, but the opposite trend is currently underway. It was also suggested that for Bitcoin to recover, stronger inflows into Bitcoin spot ETFs, increased on-chain activity, improved Coinbase Premium, and a weaker dollar are needed. The explanation is that a strong stock market alone cannot meet the conditions for Bitcoin's own demand recovery.

Price movements are also increasing the burden. Bitcoin rose above $82,000 during the May rally but is currently trading around $73,600, facing pressure below $75,000. On the daily chart, a clear rejection occurred at the 200-day moving average near $80,000, and it is testing the support zone between $72,000 and $74,000. Bitcoinist stated that if a daily closing price forms below $72,000, the demand zone from February to March near $65,000 could open up, and if the current level is maintained, a retest of the $80,000 to $82,000 resistance zone would be possible after recovering to $77,000.

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