Bitcoin's price movement is tightly bound to global liquidity conditions. The years from 2022 through 2024 saw liquidity being systematically drained via quantitative tightening (QT), which suppressed upside potential across crypto markets. The turning point arrived in early January 2026, when central banks began reinject liquidity back into the system.

Looking at the 50-day lagging indicator of global liquidity, the pattern becomes crystal clear. The chart demonstrates a textbook Wyckoff Accumulation setup—the exact formation you'd expect to see when smart money quietly builds positions ahead of a major move. The correlation between liquidity expansion and Bitcoin's markup phase is undeniable. When capital flows back into the system, it doesn't randomly distribute itself; it follows predictable waves that show up in both macro data and on-chain metrics.

This isn't guesswork. The data tells a story: QT compression → accumulation → liquidity injection → distribution cycle. Bitcoin doesn't move in a vacuum—it flows where the money flows.