Odaily Planet Daily News Ecoinometrics research services pointed out that the long-term recovery of BTC (BTC) is closely related to the performance of the Nasdaq, and there is a significant positive correlation between the two. However, Nasdaq triggered a “double top” pattern on Monday, which means that the 200-day simple moving average (SMA) support level of BTC may face pressure.
BTC has fallen by more than 10% in the past 24 hours, after briefly surpassing $95,000. In the early session, the price tested the 200-day SMA support level at $82,587. The 200-day SMA is typically seen as an important indicator of long-term trends, with a break below this level often seen as a signal of potential significant losses.
Due to the 2.2% decline in the Nasdaq, the ‘double top’ pattern has been triggered, and the possibility of BTC falling below the 200-day SMA cannot be ignored. According to technical analysis theory, the subsequent decline in the double top pattern may reach 70% between the peaks and valleys, which means that the Nasdaq may fall to 19,400 points.
The next support level for BTC may be at $73,757. (CoinDesk)
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