Why is Bitcoin stuck at $76,000 when Nasdaq is at an all-time high?

▲ Bitcoin (BTC), Nasdaq (NASDAQ)/ChatGPT generated image ©

A red alert has been sounded in the market as the synchronization phenomenon between technology stocks and the leading cryptocurrency, which historically moved in tandem, has broken down. While the tech-heavy Nasdaq index is setting new all-time highs and enjoying a spectacular rally, Bitcoin (BTC) is struggling, trapped at the key resistance level of $76,000, pressured by profit-taking from large whales.

According to crypto media outlet Finbold on April 17 (local time), the correlation between Bitcoin's price and the Nasdaq Composite Index has plummeted to near zero as of April 17, 2026. Since early April, the Nasdaq Composite Index has surged over 10%, hitting an all-time high (ATH) of 24,146 on the 16th. In contrast, Bitcoin has encountered strong resistance around $76,000, aligning with its previous high in March 2026. According to CryptoQuant analysis data, the correlation coefficient between the two assets has plunged from 0.9 to approximately 0.3 over the past 30 days.

The main reason for this decoupling phenomenon is the weak bullish conviction prevalent in the market. Institutional investors, such as BlackRock's iShares Bitcoin Trust (IBIT) and Strategy Inc (MSTR), have recently been steadily accumulating holdings. However, whale addresses holding 100 to 1,000 coins are accelerating their profit-taking, offsetting the institutional buying pressure.

As the price rebounded over the past 30 days and retested $76,000 earlier this week, these groups of whale investors began transferring more assets to exchanges. CryptoQuant's exchange inflow indicator clearly shows that whale selling pressure is heavily suppressing upward momentum. While this divergence may widen as assets mature, there is also a possibility that the recent Nasdaq rally could soon act as a lagging indicator, driving price increases.

From a technical analysis perspective, the current price level stands at a critical juncture, determining whether a new bull market begins or a deep decline ensues. A successful breakthrough of $76,000 in the coming days could signal an imminent explosive rally to fill the gap formed between $79,640 and $81,240 on the CME (Chicago Mercantile Exchange) chart. Conversely, if it fails to break through the current massive selling wall, which is heavily influenced by whale activity, there is a risk of triggering a new sell-off, plummeting below $70,000.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*