Bitcoin Risks Re-Test of $80K as Nasdaq Recovery Falters
Bitcoin’s recent climb to $86,271.54 looks increasingly fragile as the Nasdaq, Wall Street’s tech-heavy index, struggled last week, signaling potential downside for BTC.
Since hitting $80,000 on Nov. 21, BTC staged a relief rally above $90,000, forming higher lows and highs within a broader downtrend. Early support came from a weaker U.S. dollar after the Fed’s rate cut, and longer-term trend indicators hinted at a possible bullish shift.
However, momentum failed to hold. BTC fell from $93,000 on Friday to near $88,000 on Sunday before stabilizing around $89,600.
Bearish Signals
BTC closed the week with a bearish weekly candle featuring a long upper wick and a small red body, indicating rejection above $94,000 and fading bullish momentum. Combined with Nasdaq’s stalled rebound, this raises the risk of BTC revisiting $80,000.
The Nasdaq dropped nearly 2% last week, forming a bearish engulfing candle and a weekly MACD pointing lower. Given BTC’s strong correlation with tech stocks, downside pressure may spill over.
The MOVE index, tracking 30-day Treasury volatility, also flagged caution with an inverted hammer candle. BTC historically moves inversely to the MOVE index, suggesting tighter financial conditions could cap gains in risk assets.
Key Levels
Upside requires clearing $94,000–$95,000 to regain bullish momentum, with heavy resistance up to $100,000. Failure to hold support could trigger a re-test of $80,000.
