Both, S&P 500 and Nasdaq moved up by over 2.5% while Bitcoin did almost twice as much. What's comforting, both indices were in red yesterday but bitcoin went up anyways, which shows that the cyclical pattern might actually be stronger than the correlation with traditional stocks.
Right now we're trading above $91k, which is great to see after a prolonged period of stagnation, but it's a bit too soon to call it a breakaway. If it carries on moving up for another 2-3 days, or at least if the price manages to stay above the $90k, that would be a sign that the bull run in this cycle is not yet over.
Even if bitcoin fails to maintain its price above $90k over the next few days, then I still believe we are still in a bullish cycle. Bitcoin market conditions this year appear to be similar to market conditions in 2021, but of course there are several differences that make them not exactly the same. The lowest price we have seen is $74k, while the ATH is at $108k, so let's wait for the next ATH which is still possible in the next few months.
Many of us may have ignored the process of bitcoin's price journey towards ATH after the halving, but I really remember it. It took at least 15 to 18 months for bitcoin to print an ATH before a prolonged correction, but now the market may have started to recover to hit a new ATH. I'm willing to wait until November 2025, ATH will probably hit in that range.