In bull markets, Bitcoin leads the S&P 500 higher. In bear market rallies, Bitcoin lags. If the S&P is at all time highs and Bitcoin is 42 percent below its peak, that is not a bullish divergence. That is confirmation of where we are in the cycle.
From the October high, Bitcoin has moved down in a clear three wave pattern. That is corrective. Then a bounce. Also corrective. Three waves up from February. Until this turns into five waves, this is a counter trend rally inside a larger decline.
$BTC
$60,000 wasn't the bottom for $BTC.
But this doesn't mean another 50% crash will happen.
$USDT.D is indicating that BTC is now the same zone as June/July 2022.
This means there'll be one final capitulation before the bottom.