Bitcoin rebounds 6.5% as Nasdaq drops 4% and BTC holds $60k support
Bitcoin rebounded 6.5% over the weekend after briefly slipping to around $59,100 and then climbing to about $62,950 intraday on Sunday. The recovery kept BTC above the key $60,000 psychological support, which traders are watching closely for the short-term trend.
The catalyst was broader risk sentiment: the Nasdaq Composite fell more than 4% on Friday, its steepest one-day drop since April 2025. Although that pressure weighed on tech stocks, it also fueled speculation that risk appetite may be returning to Bitcoin.
Technically, analyst Filbfilb points to BTC holding above its 200-week simple moving average near $61,880. Historically, this level has marked major bottoms in 2015, 2018, and 2020. As long as BTC stays above the 200-week average, any dip below $60,000 may be a temporary “shakeout” rather than a breakdown. The next upside target/resistance area is cited near the 50-week average around $92,630.
Separately, Nasdaq indicators hint at further weakness. Weekly RSI fell from ~74.75 to 62.46, historically implying a pullback toward the 20-week moving average near 22,905 points (about 10.75% down). Meanwhile, the BTC/Nasdaq ratio’s daily RSI returned to historic oversold territory (14.70 on Saturday), a setup that previously preceded a more than 30% BTC rally in February.
Key figures: BTC $60,000 support; 200-week SMA ~$61,880; Nasdaq 20-week SMA ~22,905; BTC/Nasdaq RSI ~14.70.
Bullish
The news is broadly bullish for traders because BTC rebounded 6.5% and—most importantly—held above the psychologically critical $60,000 level. That support persistence matters in a risk-off backdrop created by Nasdaq’s >4% drop. Historically, when BTC maintains its long-term trend filter (above the 200-week SMA near ~$61,880), selloffs around/under round-number supports often turn into temporary liquidity sweeps rather than sustained trend breaks.
Short-term, the bearish risk is that Nasdaq technicals suggest further weakness may come (potential move toward its 20-week moving average near 22,905). If equities keep selling, BTC could face renewed volatility and test $60,000 again. However, the article also highlights a contrarian timing signal: the BTC/Nasdaq ratio’s daily RSI is at historic oversold readings, which previously preceded a sharp BTC rally (over 30% in February). If that pattern repeats, the current rebound could extend over the next few weeks.
Longer-term, staying above the 200-week SMA keeps the market’s “major bottom” narrative intact, and it frames $92,630 (50-week SMA area) as the next key resistance/target zone. Net effect: bullish bias as long as BTC holds above the $60k-$61.9k region, while traders should monitor Nasdaq for follow-through weakness that could delay or retest support.