CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
Mar 4, 2025
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Bitcoin Price Support at $82K at Risk as Nasdaq Forms Double Top

1 min

Research service Ecoinometrics reported a strong correlation between bitcoin's (BTC) long-term recovery and the Nasdaq's performance. Key details include:

  • The Nasdaq formed a bearish "double top" pattern on Monday, posing risks to BTC's support at its 200-day simple moving average (SMA).
  • Bitcoin's price dropped over 10% in 24 hours, reversing gains from a rally to $95,000, testing the 200-day SMA support at $82,587.
  • Declines below the 200-day SMA are often seen as indicators of potential significant losses.
  • The Nasdaq fell 2.2%, confirming the double top breakdown with peaks near $22,200 and a trough at $20,538.
  • Potential downside for the Nasdaq could be as low as 19,400, translating to losses for BTC if correlations hold.
  • Next support for Bitcoin is at the previous record high-turned-support level of $73,757.