What happens to Bitcoin if the Nasdaq falls further?
Bitcoin rebounded 6.5% from about $59,100 to nearly $62,950 after holding above the $60,000 support level over the weekend. Bulls see the key signal as BTC staying above its 200-week simple moving average near $61,880, a level that has marked major cycle bottoms in prior years. If that support holds, traders are eyeing a move toward the 50-week SMA around $92,630. The rebound comes as the Nasdaq Composite fell more than 4% on Friday and its weekly RSI cooled from overbought levels, suggesting more downside toward its 20-week moving average near 22,905 if the pattern repeats. BTC’s ratio versus the Nasdaq is also in a record oversold zone, with daily RSI at 14.70, implying Bitcoin may be unusually cheap relative to tech stocks and due for a mean-reversion rally.
