Crypto prices are continuing to trade in a broadly similar range as the correlation with U.S. equities and macro events weakens, Bernstein analysts said. Crypto-related stocks opened higher on Monday, with Silvergate leading the gains. 

Bitcoin was trading at $23,800, by 10 a.m. EST, according to TradingView data.

The crypto market appears to be poised between bulls and bears, the note read, "awaiting any further catalysts." The market's sensitivity to traditional markets isn't what it used to be, with every dip being bought after down days in U.S. equity markets, the analysts said.

Bitcoin's correlation with equities has fallen steadily throughout the year. The correlation between the leading cryptocurrency by market cap and the Nasdaq Composite has fallen t0 0.58 now from 0.94 at the beginning of February, according to The Block data.