The bitcoin price fell below the $64,000 mark during trading on Friday, despite major stock indices hitting record highs amid dovish rate cut expectations.

Bitcoin has tended to correlate with risk-on sentiment in equity markets. However, the recent downturn in bitcoin's price coincides with major indexes closing at record levels on Thursday for the second consecutive day. The Dow gained approximately 0.7%, while the S&P 500 and Nasdaq Composite added roughly 0.3% and 0.2%, respectively. Thursday marked the fourth consecutive winning session for all three indexes.

The macroeconomic sentiment has been buoyed by recent signals of rate cuts from the U.S. Federal …