Bitcoin’s Key Support at $82K in Jeopardy as Nasdaq Confirms Bearish Reversal
Bitcoin (BTC) is facing a critical test of support as a major sell-off in the Nasdaq triggers fresh concerns over risk assets. Analysts warn that BTC’s long-term uptrend could be at risk if the stock market downturn deepens.
According to research firm Ecoinometrics, Bitcoin’s price action remains closely tied to the Nasdaq, which has now confirmed a classic “double top” pattern—a widely recognized bearish signal. This development puts BTC’s 200-day simple moving average (SMA) under pressure.
Over the past 24 hours, Bitcoin has plunged over 10%, reversing its recent rally to $95,000. Earlier today, BTC briefly tested its 200-day SMA at $82,587, a level that has historically acted as strong support during corrections, per TradingView data.
The Nasdaq, meanwhile, slid 2.2% on Monday, officially breaking below its double-top neckline. The index had formed two peaks near $22,200 since mid-December, with a trough at $20,538. Closing below this level confirms the bearish reversal, signaling further potential downside toward 19,400. Technical analysis studies suggest this pattern leads to additional losses nearly 90% of the time.
Bitcoin and tech stocks have both struggled to regain momentum since December, and with the Nasdaq losing key support, BTC could follow suit. If Bitcoin fails to hold its 200-day SMA, the next significant level to watch is $73,757, the previous all-time high, which now acts as major support.
Traders are keeping a close eye on macroeconomic conditions, with further stock market weakness potentially accelerating Bitcoin’s downside move.
