Bitcoin at Risk of $80K Re-Test as Nasdaq Falters
Bitcoin’s rebound to $86,271.54 appears fragile as the Nasdaq, Wall Street’s tech-heavy index, stalled last week, raising the risk of further downside for BTC.
Since hitting $80,000 on Nov. 21, Bitcoin has rallied above $90,000, forming higher lows and highs within a broader downtrend. The recovery was initially supported by a softer U.S. dollar after the Fed’s rate cut, and long-term trend indicators suggested a potential bullish shift.
However, momentum faded, with BTC retreating from $93,000 on Friday to near $88,000 on Sunday, before stabilizing around $89,600.
Technical Warning Signs
BTC closed the week with a bearish weekly candle featuring a long upper wick and a small red body, signaling rejection above $94,000 and waning bullish momentum. Coupled with Nasdaq’s stalled rebound and a bearish weekly MACD, this points to a potential re-test of $80,000.
The MOVE index, tracking 30-day Treasury volatility, showed an inverted hammer last week. Historically, rising MOVE volatility tends to pressure risk assets like BTC.
Key Levels to Watch
Upward momentum requires clearing $94,000–$95,000, while resistance extends to $100,000. A breakdown could pave the way for BTC to revisit $80,000.
