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NASDAQ triggers' double top 'pattern, Bitcoin 200 day SMA support at $82587 threatened

2025-03-04 08:27

Odaily Planet Daily News: Ecoinometrics research service pointed out that the long-term recovery of Bitcoin (BTC) is closely related to the performance of Nasdaq, and there is a significant positive correlation between the two. However, 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 by over 10% in the past 24 hours, having previously surpassed $95000. In the morning session, the price tested the 200 day SMA support level of $82587. The 200 day SMA is usually considered an important indicator of long-term trends, and breaking below this level is often seen as a signal of potential significant losses. Due to Nasdaq's 2.2% decline, 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 peaks and valleys, which means that Nasdaq may fall to 19400 points. The next support level for Bitcoin may be at $73757. (CoinDesk )

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