Bitcoin made a strong recovery over the weekend, successfully maintaining its position above the crucial $60,000 mark. After briefly slipping to a low of approximately $59,100, Bitcoin bounced back by 6.5%, reaching around $62,950 in Sunday’s trading. This ability to sustain such levels is seen by many traders as crucial for Bitcoin’s short-term prospects.
How Did Bitcoin Hold Steady?
The spotlight intensified on Bitcoin’s rise as the Nasdaq Composite index, heavily laden with technology stocks, tumbled over 4% on Friday. Notably, this marked its most significant single-day decline since April 2025. Speculations have emerged that Bitcoin might be witnessing a resurgence in risk appetite.
Expert technical analysis by seasoned analyst Filbfilb suggests that Bitcoin’s stability above its 200-week simple moving average, now at approximately $61,880, signals a positive outlook. This indicator has historically played a significant role in marking major price bottoms in 2015, 2018, and 2020.
“As long as Bitcoin remains above the 200-week simple moving average, any slip below $60,000 could be merely a temporary setback,” remarks Filbfilb. “In such a case, the next substantial target could be the 50-week average, presently near $92,630.”
A brief dip under $60,000 would likely indicate merely a withdrawal of less committed market participants rather than a substantial breakdown. If Bitcoin upholds its long-term support levels, the $92,630 mark—tied to the 50-week simple moving average—may serve as the next formidable resistance point.
Is There More Uncertainty for Nasdaq?
In contrast, technical signs from the Nasdaq suggest potential further declines. The index’s weekly relative strength index dropped from about 74.75 to 62.46, hinting towards a possible correction to the 20-week simple moving average near 22,905 points.
In previous instances since 2021, whenever the Nasdaq’s RSI dipped below 70, the index consistently retraced to its 20-week moving average. Should this trend hold, the Nasdaq might fall to 22,905 points by mid-2025, indicating an additional decline of roughly 10.75% from its present levels.
On another note, Bitcoin appears poised for a potential rebound as it seems oversold compared to the Nasdaq, based on current daily RSI statistics. The ratio of Bitcoin to the Nasdaq dropped to 14.70 on Saturday, its lowest record to date, surpassing February’s low of 14.88.
Mirroring last February’s pattern, Bitcoin saw an above 30% price rally following such conditions. Consequently, some market analysts believe that Bitcoin might currently be undervalued relative to the Nasdaq, which could entice buyers to enter the market. If the previous trend repeats, Bitcoin could see a robust revival in the near future.
