Bitcoin Could Slide Toward $80K Amid Stalled Nasdaq Rally

Bitcoin Eyes $80K as Nasdaq Recovery Hits a Wall

Bitcoin’s recent rebound to $86,271.54 shows signs of vulnerability as the Nasdaq, Wall Street’s tech-heavy index, stalled last week, raising concerns about further downside.

Since hitting $80,000 on Nov. 21, BTC has rallied above $90,000, forming higher lows and highs within a broader downtrend. The relief rally initially gained support from a weaker U.S. dollar following Wednesday’s Fed rate cut, and a longer-term trend indicator hinted at a potential bullish shift.

Despite these factors, BTC failed to sustain momentum, retreating from $93,000 on Friday to near $88,000 on Sunday before stabilizing around $89,600.

Bearish Technical Signals
BTC closed the week with a bearish weekly candle featuring a long upper wick and a small red body, indicating rejection above $94,000 and fading bullish momentum. This, combined with Nasdaq’s stalled rebound, raises the risk of BTC revisiting $80,000 lows.

The Nasdaq dropped nearly 2% last week, forming a bearish engulfing candle with a weekly MACD pointing lower. Given the strong historical correlation between BTC and Nasdaq during tech sell-offs, downside pressure could spill over to crypto.

The MOVE index, which tracks 30-day U.S. Treasury volatility, showed an inverted hammer candle last week, signaling potential rising volatility. BTC historically moves inversely to this index, suggesting tightening financial conditions could limit gains in risk assets.

Key Levels
BTC faces heavy resistance from $94,000 to $100,000, including the 50-day SMA and Ichimoku cloud. A sustained break above $95,000 is needed to regain bullish momentum, while a breakdown could open the door for a re-test of $80,000.