- Bitcoin rebounded 6.5% to near $62,950 on Sunday, holding above the critical $60,000 support.
- Analysts suggest BTC could target $92,630 if it maintains support above its 200-week moving average.
- The Nasdaq Composite’s sharp drop may redirect risk capital back into cryptocurrency markets.
- The Bitcoin-to-Nasdaq ratio has reached a record oversold level, historically preceding a BTC price recovery.
Bitcoin traders noted a crucial weekend recovery, as BTC climbed 6.5% from a local low near $59,100 to an intraday high around $62,950 on Sunday. This resilience above the $60,000 psychological level occurred despite the tech-heavy Nasdaq Composite plunging over 4% on Friday.
Consequently, technical analysis offers hope for a significant rally. Veteran analyst Filbfilb highlighted Bitcoin holding strong above its 200-week simple moving average near $61,880.
This historical support level has formed market bottoms in prior cycles. Meanwhile, the 50-week SMA near $92,630 becomes the next major upside target if this support holds.
The Nasdaq, however, shows signs of a deeper correction. Its weekly relative strength index dropped from overbought territory, suggesting a potential 10.75% decline toward its 20-week moving average.
This divergence could benefit Bitcoin. Data shows the Bitcoin-Nasdaq ratio’s daily RSI hit a record low of 14.70 on Saturday.
This extreme oversold condition preceded a 30%-plus price recovery in February. In simple terms, Bitcoin had become too cheap relative to the Nasdaq, prompting buyer interest.
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