Bitcoin (BTC) traders said keeping BTC above the psychological support of $60,000 over the weekend was vital as it recovered 6.5% on Sunday from a local low near $59,100 to an intraday high around $62,950.
Key takeaways:
- BTC is expected to rise towards $92,630 if it continues to hold above key moving average support.
- Nasdaq technical data indicates a potential decline of more than 10% in the near term.
BTC Could Rise Above $90,000 If Nasdaq Underperforms
Bitcoin’s rebound was evident as the tech-heavy Nasdaq Composite Index (IXIC) fell more than 4% on Friday, the biggest one-day decline since April 2025. This raised hopes that venture capital could return to BTC markets.
Daily BTC/USD vs. Performance Chart IXIC. Source: TradingView
A technical commentary shared by experienced analyst Filbfilb gave some hope for Bitcoin bulls.
In Sunday’s post, the analyst highlighted Bitcoin is holding well above its 200-week basic moving average (200-week SMA, blue line) at around $61,880. This level helped create bottoms in 2020, 2018 and 2015.
BTC/USD weekly chart. Source: TradingView
In other words, investors may view a drop below $60,000 as a shock if BTC holds the 200-week SMA and the 50-week SMA (red) near $92,630 becomes 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.
Any major weekly decline in the Nasdaq RSI from above 70 (overbought) to below 70 since 2021 has brought the index back to its 20-week moving average.
IXIC Weekly Chart. Source: TradingView
If the fractal repeats, the Nasdaq could fall towards 22,905, which would represent a further decline of about 10.75% from current levels in June or July.
That said, Bitcoin could be setting itself up for a piercing rebound from the mean if it holds its long-term low while the Nasdaq continues to frigid.
The Bitcoin-Nasdaq ratio supports the BTC rebound scenario
According to daily RSI readings, Bitcoin’s ratio to the Nasdaq has once again reached a record oversold zone.
Related: Bitcoin most oversold since 2020 crash: Can BTC rebound to 70k next? dollars?
On Saturday, the RSI fell to 14.70, the lowest level on record. The previous record was 14.88 and was set in February, before BTC prices increased by over 30%.
BTC/IXIC vs. Daily Chart BTC/USD. Source: TradingView
To put it simply, Bitcoin became too economical compared to the Nasdaq and buyers stepped in. The same setup appears again, confirming a potential rebound in BTC prices in the coming weeks.
