Bitcoin (BTC), traders claim that BTC is holding at a record high. the $60,000 psychological support Over the weekend, it was crucial as it recovered by 6.5%. It went from a low of $59100 in local currency to a high intraday of $62,950.
The key takeaways
- BTC will reach $92,630 as long as it holds above the key support of the moving average.
- Nasdaq’s technicals indicate a possible short-term drop of 10% or more.
BTC might rise over $90,000 in the event that Nasdaq fails to perform.
Bitcoin’s recovery stood out, as the Nasdaq Composite Index (IXIC), a tech-heavy index, plunged over 4% Friday. This was its biggest one-day decline since April 2025. The hope is that BTC’s markets will see a return of risk capital.
BTC/USD and IXIC Daily Performance Chart Source: TradingView
The technical commentary of veteran analyst Filbfilb offers some hope to Bitcoin bulls.
The analyst posted a blog on Sunday. highlighted Bitcoin is still above the 200-week moving average, or blue line. It’s currently at $61,880. This price level was the lowest in 2019, 2018, and 2015
BTC/USD chart for the week. TradingView
The traders could view the drop below $60k as a major shakeout, if BTC maintains the 200-week SMA. Next, the 50-week SMA near $92,630 will be the main upside target.
The Nasdaq’s relative strength (RSI), which measures the weekly performance of the stock, fell from 74.75 to 62.46, indicating a correction towards its SMA 20 weeks, or the green line, near 22,905 after the index.
Each major Nasdaq weekly RSI decline from above 70 to below 70 (overboughtness) since 2021 led the index toward its moving 20-week average.
IXIC Weekly Chart TradingView
Nasdaq may fall to 22905 in the event that fractals repeat, which would indicate a drop of 10.75% or more from its current level by either June or July.
Bitcoin may be preparing for a mean-reversion recovery if it maintains its long-term bottom while Nasdaq is cooling off.
The Bitcoin-Nasdaq Ratio supports a BTC recovery scenario
Bitcoin’s relative value against Nasdaq reached a new record-breaking oversold level, as per its daily RSI.
Related: Bitcoin most oversold since 2020 crash: Can BTC rebound to $70K next?
The RSI fell to 14,70 on Saturday. This is the lowest level in the history of the index. Prior to this, in February of that year, 14.88 had been set. This was before a BTC price recovery exceeding 30%.
BTC/IXIC daily chart vs. BTC/USD. TradingView
Simply put, Bitcoin was too cheap compared to Nasdaq. Buyers stepped in. This same scenario is repeating itself, which confirms a possible rebound of BTC in the next few weeks.
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Source: cointelegraph.com
