BTC’s $82K Floor in Jeopardy as Nasdaq Charts Classic ‘Double Top’ Formation

Bitcoin Faces Breakdown as Nasdaq’s Bearish Reversal Casts Shadow

Bitcoin (BTC) is facing mounting technical pressure as a bearish shift in the Nasdaq threatens risk assets. Analysts warn that the cryptocurrency’s ability to hold key support levels is now in question.

On Monday, research firm Ecoinometrics highlighted the strong correlation between Bitcoin’s long-term price trends and the Nasdaq’s movements. However, the tech-heavy index has now confirmed a “double top” formation—a well-known bearish pattern—putting BTC’s 200-day simple moving average (SMA) at risk.

Bitcoin has plunged more than 10% in the past 24 hours, erasing its recent surge to $95,000. Earlier today, the asset briefly touched the critical 200-day SMA level at $82,587, according to TradingView data. Losing this support could open the door for deeper losses.

Meanwhile, the Nasdaq dropped 2.2% on Monday, completing its double-top breakdown. The index had formed two peaks around $22,200 since mid-December, with a trough at $20,538. Monday’s close below that level confirmed a bearish reversal, setting the stage for further declines that could push the index as low as 19,400. Historical analysis shows that this pattern fails only 11% of the time, meaning continued losses are statistically likely.

Bitcoin and the Nasdaq have both been losing momentum since December, with their close correlation suggesting that continued weakness in tech stocks could further weigh on BTC.

If Bitcoin’s 200-day SMA fails to hold, the next major downside target is the former all-time high of $73,757—now a key support zone that could determine the asset’s next major move.