Bitcoin Plunges 10% as Nasdaq Forms Bearish Double Top
1min read The Nasdaq index triggered a "double top" bearish reversal pattern on Monday, exacerbating Bitcoin's short-term downside risk, according to a report by CoinDesk. Research firm Ecoinometrics stated that Bitcoin's long-term recovery is closely related to the Nasdaq's upward trend, with Bitcoin falling over 10% in the past 24 hours, erasing gains from Sunday to date. Earlier today, the Bitcoin price briefly tested the 200-day Simple Moving Average (SMA) support level at $82,587.
The 200-day average is considered a key indicator of the long-term trend, and a price break below this level is often interpreted as a signal of potential significant losses. The Nasdaq formed two peaks around 22,200 since mid-December, with a trough at $20,538, closing below the trough support on Tuesday, confirming the double top bearish reversal pattern. According to technical analysis theory, the subsequent decline could be at least 70% of the distance between the peak and the trough, implying that the Nasdaq may fall to 19,400. If Bitcoin breaks below the 200-day average, the next support level will be directly at the former all-time high of $73,757, which has now turned into support.
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