Bitcoin Holds Key Support as Nasdaq Weakness Fuels Hopes for a Strong Rebound

Bitcoin has shown resilience despite a sharp selloff in technology stocks, recovering around 6.5% from a recent low near $59,100 to trade above $63k. The move has drawn attention from market analysts who believe btc could be positioning for a stronger recovery if it continues to hold above an important long-term support level.

Bitcoin remains above its 200-week simple moving average, currently near $61,880. This indicator has historically acted as a major support zone during previous bear market bottoms in 2015, 2018 and 2020.

Bitcoin Price Target of $92,630 Gains Attention

According to technical analysis, maintaining support above the 200-week moving average could pave the way for a move toward the 50-week simple moving average, which currently sits around $92,630. Many traders view the recent dip below $60,000 as a temporary shakeout rather than the start of a deeper decline.

The outlook comes as the Nasdaq Composite faces growing pressure. The index fell more than 4% in a single session, marking its largest daily decline since April 2025.

Nasdaq Correction Could Benefit Bitcoin

Market data suggests the Nasdaq may have further downside ahead. Analysts are watching the index’s 20-week moving average near 22,905, which would imply an additional decline of roughly 10.75% if historical patterns repeat.

At the same time, Bitcoin’s performance relative to the Nasdaq has reached an extreme oversold level. The Bitcoin to Nasdaq ratio recently recorded a daily Relative Strength Index (RSI) reading of 14.70, the lowest level on record. A similar reading earlier this year was followed by a recovery of more than 30% in Bitcoin’s price.

If Bitcoin continues to hold above long-term support while technology stocks remain under pressure, some analysts believe btc could outperform traditional risk assets and potentially move back toward the $90,000 level in the coming months.