Analytics firm Santiment has identified a new trend that could prove crucial to Bitcoin's price trajectory: decreasing correlation with traditional stock markets.

Brian Quinlivan, chief marketing officer at Santiment, noted that Bitcoin appears to be charting a course independent of stock market movements.

This trend is especially important because historical data shows that Bitcoin rises during periods when its price movements are out of sync with the broader stock market.

The divergence between Bitcoin and the stock market became apparent following the release of March Consumer Price Index (CPI) data. While the data weighed on stocks, Bitcoin quickly recovered from a brief dip and topped the $70,000 mark. This resilience in the face of economic uncertainty suggests that Bitcoin may be maturing as an asset class and gaining the ability to withstand market turbulence.

Bitcoin is currently consolidating just below a key bull market breakout level of 2x its 350-day moving average, which currently sits at $76,000.

This level previously caused record highs to rise rapidly in both 2017 and 2020. If Bitcoin manages to break through this resistance, it could potentially push prices higher, with some analysts suggesting a target height of $100,000.

However, the near-term price action of Bitcoin and Ethereum may be impacted by the upcoming expiration of a significant number of options contracts on April 12, 2024.

About $1.5 billion in Bitcoin options and $800 million in Ethereum options are set to expire, which could lead to more volatility in the market. The maximum pain point, or the price at which the largest number of option holders will suffer financial losses, is $69,000 for Bitcoin and $3,425 for Ethereum.

Despite the possibility of short-term fluctuations, the overall sentiment in the cryptocurrency market remains bullish. Bitcoin's decoupling from traditional markets, coupled with its ability to quickly recover from dips and consolidation below a key breakout level, suggests the flagship cryptocurrency could be poised for significant growth in the near future.