Bitcoin Holds $60K as Nasdaq Teeters on the Edge

Bitcoin (BTC) traders noted that holding the $60,000 psychological support over the weekend was no small feat, as the asset clawed back 6.5% from a local low near $59,100 to an intraday high of around $62,950 on Sunday.

Key takeaways:

• BTC is eyeing a rally toward $92,630 if it continues to hold above a key moving-average support.
• Nasdaq technicals hint at a potential decline of over 10% in the short term.
• BTC may rise above $90,000 if Nasdaq underperforms.

Bitcoin's rebound stood out as the tech-heavy Nasdaq Composite (IXIC) plunged more than 4% on Friday — its steepest one-day drop since April 2025. This has raised hopes that risk capital may drift back into BTC markets. BTC/USD vs. IXIC daily performance chart. Source: TradingView.

Veteran analyst Filbfilb, doing his best to keep the bull case alive, offered some hope for Bitcoin traders in a Sunday post. He highlighted Bitcoin holding strong above its 200-week simple moving average (200-week SMA, the blue line) at around $61,880. This level has helped form the bottom in 2020, 2018, and 2015. BTC/USD weekly chart. Source: TradingView.

In other words, traders may view the dip below $60,000 as a shakeout if BTC holds the 200-week SMA, with the 50-week SMA (red) near $92,630 becoming the next major upside target.

At the same time, the Nasdaq appears to be correcting toward its 20-week SMA, the green line near 22,905 points, after its weekly relative strength index (RSI) fell to 62.46 from around 74.75. Every major Nasdaq weekly RSI drop from above 70 (overbought) to below 70 since 2021 has dragged the index back toward its 20-week moving average. IXIC weekly chart. Source: TradingView.

The Nasdaq could fall toward 22,905 if the fractal repeats, implying a further decline of about 10.75% from current levels in June or by July. That said, Bitcoin could be setting up for a sharp mean-reversion rebound if it holds its long-term floor while the Nasdaq continues to cool off.

Bitcoin-Nasdaq ratio supports BTC rebound scenario Bitcoin's ratio against the Nasdaq has again reached a record oversold zone, according to its daily RSI readings. Related: Bitcoin most oversold since 2020 crash: Can BTC rebound to $70K next? On Saturday, the RSI dropped to 14.70 — the lowest reading in history. The previous record was 14.88, set in February, ahead of a 30%-plus recovery in BTC prices. BTC/IXIC vs. BTC/USD daily chart. Source: TradingView.

In plain English: BTC got too cheap relative to the tech-heavy index, and buyers came back. The same setup is brewing again, hinting at a potential rebound in BTC prices in the coming weeks — if history, as they say, doesn't mind repeating itself.