Bitcoin’s $82K Support Under Threat as Nasdaq Confirms Bearish ‘Double Top’
The technical outlook for both Bitcoin (BTC) and the Nasdaq has turned increasingly bearish.
On Monday, research firm Ecoinometrics highlighted the strong correlation between Bitcoin’s long-term recovery and the Nasdaq’s ability to sustain an uptrend. However, a key reversal pattern on Wall Street’s tech-heavy index now threatens BTC’s critical support levels.
The Nasdaq confirmed a “double top” formation—a bearish technical pattern—on Monday, putting Bitcoin’s 200-day simple moving average (SMA) support at risk. BTC has dropped over 10% in the past 24 hours, erasing Sunday’s surge to $95,000. Earlier today, prices tested the 200-day SMA at $82,587, according to TradingView data.
The 200-day SMA is widely considered a key long-term trend indicator, and a sustained break below it could signal deeper losses ahead.
BTC’s downside risk has intensified following the Nasdaq’s 2.2% decline on Monday, which triggered a confirmed double-top breakdown. This pattern, consisting of two peaks separated by a trough, typically forms over two to six weeks and signals a bearish reversal when prices drop below the trough level.
Since mid-December, the Nasdaq has formed two peaks near $22,200, with a trough at $20,538. The index closed below that support on Tuesday, confirming the pattern and raising the likelihood of further downside.
Technical analysis suggests the Nasdaq could decline to 19,400—roughly 70% of the distance between the peaks and trough. Historical data shows that double-top breakdowns lead to further losses nearly 90% of the time, according to Chartered Market Technician (CMT) studies.
Both Bitcoin and the Nasdaq have struggled to regain bullish momentum since December and are now hovering near their respective 200-day moving averages.
If BTC fails to hold its 200-day SMA, the next major support level is at $73,757—a previous all-time high that has since turned into a key resistance-turned-support zone.
