On April 5, Bloomberg analyst James Seyffart posted on social media that Bitcoin's resilience is indeed shocking, and he did not expect it to remain above above $80,000 during a comprehensive sell-off of risk assets, even as gold was declining.

In response, Adam Back, co-founder and CEO of Blockstream, stated that the previous so-called correlation was likely just an illusion, and it was possible that market makers created a false association by exploiting the shortage of fiat liquidity in the Bitcoin market, the which was particularly evident during the opening hours of the US market.