What is driving the market to the upside?E-mini S&P 500 FuturesCME_MINI_DL:ES1!The-white-goatYou need to understand what is driving an asset market to the upside → to get a clear read if that driver has persitance & if it could reverse. You want to correctly know why something is happening... Where does BTC stand - lets dive in! Lets start with an example: What drove the crypto market so sharply higher in November 2024? Did something fundamentally change on a macro level? - no On November 6, Trump was elected — and it wasn’t even traditional markets that reacted, but mainly crypto. Crypto rallied aggressively purely on expectations surrounding the election anticipation of deregulation, potential pro-risk sentiment, “crypto-friendly” narratives, etc. But when Inauguration Day came and nothing specific materialized to further justify that optimism, the rally became unsustainable. The microstructure overheated, while macro fundamentals hadn’t changed at all. That’s exactly why the S&P 500 didn’t rally alongside Bitcoin — it was an expectations trade, not a macro shift. Then the first tariff news hit. That was a real macro shock. Trade relationships changed, growth expectations weakened — and naturally, the S&P started to fade. Bitcoin, which was already sitting on a fragile market structure, followed lower. This time it wasn’t just positioning — it was macro reality catching up: slower growth, tighter liquidity expectations, weaker global trade momentum. The market then crashed further on tariff expectations,until that pressure ended around April 7. From there, everything reverted sharply higher — because we’re still in a powerful credit-cycle expansion. Since then, the S&P has absorbed every piece of news that doesn’t alter the macro picture. Positioning unwinds get bought back quickly, and liquidity remains abundant. So where does all of this leaves crypto right now? Bitcoin currently has no internal reason to sell off aggressively. Macro still points upward — growth, liquidity, credit — all supportive. Only a real macro shift (not just noise) could sustainably push BTC lower, and if that happens, the S&P will fall too. Until then, BTC is likely just waiting for the next catalyst — whether it’s a genuine macro change, another wave of expectations, or simply a market-maker-driven breakout. Either way, as long as the macro backdrop doesn’t turn negative, it’s just a matter of time before Bitcoin resumes higher.