Bitcoin has the potential to rise towards $92,630 if it manages to stay above the 200-week moving average, while the risk of a new correction exceeding 10% on the Nasdaq stands out.
Bitcoin (BTC) attracted investor attention by holding above the $60,000 level over the weekend. The BTC price rose 6.5% from its local low of around $59,100, reaching as high as $62,950 intraday on Sunday. This recovery occurred at a time when the Nasdaq Composite index experienced a drop of more than 4% on Friday, recording its sharpest daily loss since April 2025.
Some market analysts believe that if weakness on the Nasdaq continues, the likelihood of venture capital returning to Bitcoin increases. Technical indicators, on the other hand, point to a recovery scenario that could push Bitcoin above $90,000 if it maintains its critical long-term support levels.
200-Week Average Stands Out for Bitcoin
According to experienced market analyst Filbfilb's assessment on June 7th, Bitcoin continues to remain above the 200-week simple moving average (SMA) at approximately $61,880.
This level previously helped create significant bottoms for Bitcoin in 2015, 2018, and 2020. According to the analyst, a brief drop below $60,000 could be considered a "shake-up" if the price remains above long-term support.
In this scenario, the next important technical target for investors is the 50-week moving average, currently at around $92,630. It is noted that if Bitcoin maintains its current support zone, the price has the potential to move towards this level.
Nasdaq Technical Indicators Show New Downside Risk
One of the key factors behind the expected recovery in Bitcoin is the technical outlook for the Nasdaq.
The weekly relative strength index (RSI) of the Nasdaq Composite index has fallen from approximately 74.75 to 62.46. According to historical data, since 2021, every time the weekly RSI indicator has broken below the overbought region of 70, the Nasdaq has retreated to its 20-week moving average.
Currently, the average for the index is around 22,905 points. If a similar movement repeats, it is estimated that the Nasdaq could fall by approximately 10.75% from its current levels. This scenario raises the possibility of a new correction sometime in June or by July.
Market participants are closely watching whether investors will shift to alternative risk assets if this weakness in technology stocks continues.
BTC/Nasdaq Ratio at Historical Lows
The BTC/IXIC ratio, which measures Bitcoin's performance against the Nasdaq, is also giving noteworthy signals.
According to daily RSI data, this ratio has fallen to its lowest oversold region in history. On Saturday, the RSI value dropped to 14.70. This level stands out as the lowest value ever recorded, while the previous record was 14.88 seen in February.
Following a similar signal in February, the Bitcoin price showed a recovery of over 30%. Therefore, some market observers believe that the current outlook may be a harbinger of a new recovery process for Bitcoin.
The oversold appearance in the BTC/IXIC ratio is interpreted as a sign that Bitcoin has become relatively cheap compared to the Nasdaq and that buyers are starting to re-enter the market.
Technical indicators point to the continuation of upward potential if Bitcoin maintains its long-term support levels, while how a possible correction on the Nasdaq will affect market dynamics will be closely monitored in the coming weeks. In particular, whether BTC can remain above its 200-week moving average and whether Nasdaq will retreat towards its 20-week average are among the key indicators for both markets.
