I think it’s the opposite. Bitcoin dropped because the stock market dropped last week due to the higher than expected CPI and PPI prints. Means that inflation is still here and traders are pricing in higher yields which was showed after the bond sell off.
A proof that cryptomarket is also affected when the economy or stock market dropped,
we are in the same cycle.
Well, considering that Bitcoin is already over bought and maybe this is just a normal correction with Bitcoin and no connection at all.
Zoom out Bitcoin's chart to the maximum, then try to find the chart for the total M2 money supply and compare it with Bitcoin's market cycles. There's a correlation. If the money supply expands, Bitcoin is in a bullish cycle, of it contracts, it goes in a bearish cycle.
But the current surge is the only bullish cycle during a period of contraction. That probably means it's not sustainable, BUT it also means Bitcoin will surge like it surged during 2015 when the money supply expands.