The correlation between Bitcoin and the S&P 500 index has rebounded to 0.88, indicating a renewed synchronization between the two markets, marking a shift from the previous divergence trend (since Trump's election, Bitcoin has risen by 47%, while the S&P 500 index has only risen by 4%). Bitwise's Head of Research in Europe, Andre Dragosch, attributes the re-emerging correlation to macroeconomic factors, including the Fed's revised rate cut forecasts and a strengthening dollar, which continue to exert pressure on both cryptocurrencies and traditional markets. Despite Bitcoin's strong on-chain support, its movements are increasingly influenced by broader market trends, suggesting potential short-term risks ahead. Matrixport's chart report indicates that fluctuations in global liquidity may exert some pressure on Bitcoin, with historical data showing that liquidity changes typically lead Bitcoin price movements by about 13 weeks. As the dollar strengthens following Trump's re-election, dollar-denominated global liquidity begins to tighten, suggesting that Bitcoin may enter a consolidation phase in the near term.