What Happens to Bitcoin If Nasdaq Falls Further?

Bitcoin held above the $60,000 psychological support over the weekend, recovering 6.5% from a local low near $59,100 to an intraday high of about $62,950 on Sunday. Traders flagged that maintaining this level was important for the recent rebound. Analyst Filbfilb pointed out that Bitcoin is sitting above its 200-week simple moving average at around $61,880, a level that helped form the market bottom in 2020, 2018 and 2015.

If BTC keeps the 200-week SMA, the 50-week SMA near $92,630 becomes the next major upside target, and a dip below $60,000 may be viewed as a shakeout. The tech-heavy Nasdaq Composite plunged more than 4% on Friday, its steepest one-day drop since April 2025, and appears to be correcting toward its 20-week SMA near 22,905 after its weekly RSI fell to 62.46 from around 74.75.

Every major Nasdaq weekly RSI drop from above 70 to below 70 since 2021 has led the index back toward the 20-week moving average, implying a potential further decline of about 10.75% from current levels in June or by July.

bitcoin, nasdaq, 200-week sma, 50-week sma, 20-week sma, weekly rsi, filbfilb, psychological support, shakeout, intraday high