OK tried it. No difference. BT still indicates connected. Garmin Cogwheels and Quantum Tactix watch faces do the same.
With GCM open, I tried turning BT off on the phone. Then turned it back on and tried going to the watch Controls menu and setting Phone: off. So I don't see what GCM being open would do for me to rectify this behaviour.
I would also suggest to reboot the watch. I have had some reported cases where devices can sync with GCM fine, but CIQ apps get confused on the BT state such as think they are disconnected when they are not. It is possible the CIQ VM in your watch is not getting updated properly. Usually a reboot clears it up.