Bitcoin (BTC) Traders Said BTC Holding Above psychological support of $60,000 over the weekend was significant as it recovered 6.5% from a local low near $59,100 to an intraday high around $62,950 on Sunday.
Key points to remember:
- BTC eyes a rally towards $92,630 if it continues to hold above a key moving average support.
- Nasdaq technicals suggest a potential decline of over 10% in the near term.
BTC Could Surpass $90,000 If Nasdaq Underperforms
Bitcoin’s rebound stood out as the tech-heavy Nasdaq Composite (IXIC) plunged more than 4% on Friday, its biggest one-day decline since April 2025. That raised hopes that venture capital could return to BTC markets.
BTC/USD daily performance chart against IXIC. Source: Trading View
Technical comments shared by veteran analyst Filbfilb offered some hope to Bitcoin bulls.
In a Sunday article, the analyst highlighted Bitcoin is holding above its 200-week simple moving average (200-week SMA, the blue line) at around $61,880. This level helped form the lowest in 2020, 2018 and 2015.
BTC/USD weekly chart. Source: TradingView
In other words, traders could view the decline below $60,000 as a shake-up if BTC holds the 200-week SMA, with the 50-week SMA (red) near $92,630 becoming the next major upside target.
At the same time, the Nasdaq appears to be correcting towards its 20-week SMA, the green line near 22,905 points, after its weekly relative strength index (RSI) fell to 62.46 from around 74.75.
Every major weekly decline in the Nasdaq RSI from above 70 (overbought) to below 70 since 2021 has brought the index back towards its 20-week moving average.
IXIC weekly chart. Source: TradingView
The Nasdaq could fall towards 22,905 if the fractal repeats, which would imply a further decline of around 10.75% from current levels in June or by July.
That said, Bitcoin could be gearing up for a strong mean-reversion rebound if it holds its long-term bottom while the Nasdaq continues to calm down.
Bitcoin-Nasdaq Ratio Supports BTC Rebound Scenario
Bitcoin’s ratio to the Nasdaq has once again reached a record oversold zone, according to its daily RSI readings.
Related: Most oversold Bitcoin since the 2020 crash: can BTC bounce back to $70,000 next?
On Saturday, the RSI fell to 14.70, the lowest in history. The previous record was 14.88, set in February, before a more than 30% rally in BTC prices.
BTC/IXIC versus BTC/USD daily chart. Source: TradingView
Simply put, Bitcoin had become too cheap relative to the Nasdaq and buyers stepped in. The same pattern reappears, reiterating a potential rebound in BTC prices in the coming weeks.
