Bitcoin Has Now 100% Recovered From $3.7K Lows, Decoupling From Stocks

Bitcoin (BTC) tested support at $7,500 on April 24 after a surprise surge saw the cryptocurrency beat out resistance and reliance on stocks.

Cryptocurrency market daily overview. Source: Coin360

BTC price puts in a $7.5K foundation

Data from Coin360 and Cointelegraph Markets showed BTC/USD attempting to form new support at $7,500 on Thursday.

Since hitting a high of $7,760 the day before, only three brief dips to the $7,400 zone have appeared, indicating renewed market strength.

The high was Bitcoin’s best performance since mid-March, when markets infamously crashed up to 60%, in line with mayhem in traditional assets.

Bitcoin 1-day price chart. Source: Coin360

Since then, Bitcoin has slowly attempted to exit correlation with stocks and bonds, with Wednesday’s boost sharply contrasting with misery on oil markets and foreboding among traders.

The S&P 500, for example, saw a sharp contraction in mid-day trading due to news that a pharmaceutical company allegedly harboring an effective…