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Bitcoin has fallen 10% since a major hacking incident but is still showing relative strength against the Nasdaq 100 Index and the SPDR Gold Shares ETF, Bloomberg Intelligence analyst Jamie Coutts said in a post on X. Coutts added that a similar pattern appeared at turning points in past market cycles, while worsening global liquidity conditions are weighing on Bitcoin and are tied to a five-year refinancing cycle. Coutts said it is worth noting that Bitcoin is moving out of sync with the liquidity cycle for the first time in its history.