Nasdaq triggers a "double top" pattern, Bitcoin's 200-day SMA support level of $82,587 is under threat

Odaily News Ecoinometrics research service pointed out that the long-term recovery of Bitcoin (BTC) is closely related to the performance of the Nasdaq, with a significant positive correlation between the two. However, the Nasdaq triggered a "double top" pattern on Monday, which means that Bitcoin's 200-day simple moving average (SMA) support level may face pressure.
Bitcoin has fallen more than 10% in the past 24 hours, having previously traded above $95,000. In early trading, the price tested the 200-day SMA support at $82,587. The 200-day SMA is often seen as an important indicator of long-term trends, and a break below this level is often seen as a sign of possible larger losses.
As the Nasdaq fell 2.2%, triggering a "double top" pattern, the possibility of BTC falling below the 200-day SMA cannot be ignored. According to technical analysis theory, the subsequent decline of the double top pattern may reach 70% between the peak and the trough, which means that the Nasdaq may fall to 19,400 points.
Bitcoin's next support level could be $73,757. (CoinDesk)