{"id":16026,"date":"2025-03-04T08:31:53","date_gmt":"2025-03-04T08:31:53","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=16026"},"modified":"2025-03-04T08:31:53","modified_gmt":"2025-03-04T08:31:53","slug":"bitcoin-price-support-near-82k-under-threat-as-nasdaq-triggers-double-top","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=16026","title":{"rendered":"Bitcoin Price Support Near $82K Under Threat as Nasdaq Triggers ‘Double Top’"},"content":{"rendered":"
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Research service Ecoinometrics stated<\/a> on Monday that bitcoin’s (BTC) long-term recovery is closely tied to the Nasdaq’s ability to trend upward, highlighting the significant positive correlation between the two.<\/p>\n

Unfortunately for crypto bulls, the Nasdaq triggered a major bearish reversal pattern known as a “double top” on Monday, putting BTC’s 200-day simple moving average (SMA) support at risk.<\/p>\n

Bitcoin, the leading cryptocurrency by market value, has dropped over 10% in the past 24 hours, reversing Sunday’s price rally to $95,000. At one point early today, prices tested the 200-day SMA support at $82,587, as shown by data from the charting platform TradingView.<\/p>\n

The 200-day SMA is commonly regarded as a key indicator of long-term trends, with price declines below this level often interpreted as a signal of potential significant losses ahead.<\/p>\n

The possibility of BTC’s price moving below the long-term average cannot be ruled out, as Wall Street’s tech-heavy Nasdaq fell 2.2% Monday, triggering a double top breakdown.<\/p>\n

The double top comprises two peaks separated by a trough and takes roughly two to six weeks to form. The gap between the two peaks must be equal to or less than 5%, with the spread between peaks and the trough being at least 10%, according to technical analysis theory.<\/p>\n

These are guidelines and not rules; the backdrop is more important, meaning the pattern should appear after a prolonged uptrend to be valid, which is the case with Nasdaq.<\/p>\n

Nasdaq has formed two peaks near $22,200 since mid-December, with a trough at $20,538. The index ended Tuesday below the trough support, confirming the double-top bearish reversal pattern.<\/p>\n

Per technical analysis theory, the subsequent decline could be at least 70% of the distance between the peaks and the trough, which means the Nasdaq could go as low as 19,400. The pattern’s historical failure rate is 11%, according to CMT’s<\/a> analysis books. This means that breakdowns lead to deeper losses more often than not.<\/p>\n

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Both Nasdaq and BTC lost bullish momentum in December and have since topped out to trade close to their respective 200-day averages.<\/p>\n

Below the 200-day SMA, the next support for bitcoin is seen directly at the former record high (resistance)-turned-support at $73,757<\/a>.\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Research service Ecoinometrics stated on Monday that bitcoin’s (BTC) long-term recovery is closely tied to the Nasdaq’s ability to trend upward, highlighting the significant positive correlation between the two. Unfortunately for crypto bulls, the Nasdaq triggered a major bearish reversal pattern known as a “double top” on Monday, putting BTC’s 200-day simple moving average (SMA) […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-16026","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/16026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16026"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/16026\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}