Bitcoin 
$89,862.62entered a critical technical turning point in the new week, falling from $ 93,000 to below $ 89,000 due to the decrease in risk appetite. The largest cryptocurrency, which has been advancing within the upward channel that has been going on for three weeks, is at the risk of testing the $ 80,000 level again as the Nasdaq index turns its direction downwards.
Weakness in Nasdaq Infects Bitcoin
Wall Street’s technology-heavy index Nasdaqcreated a “bearish engulfing” formation with a 2 percent loss last week. This formation indicates that the rise has been rejected and the possibility of a new selling wave. This appearance in the index also triggers a cautious price behavior in risky assets such as Bitcoin. Because historically the correlation between Bitcoin and Nasdaq has been especially technology stocksIt gets stronger when there is a decrease in .
Although the recovery, which started at $ 80,000 at the end of November, was supported by the weakness in the dollar index after the Fed’s interest rate cut, it could not gain permanent momentum. The price of Bitcoin dropped from $93,000 on Friday last week to $88,000 on Sunday night. It closed the week with a long-wicked red candle signaling rejection above $94,000. Analysts state that this formation strengthens the “selling in rallies” tendency and the momentum weakens.
MOVE Index Issues Volatility Warning
Indicator of stress in bond markets MOVE indexLast week, it formed an “inverted hammer” formation, indicating that volatility may rise again. This formation, which follows a long-term downward trend, suggests that volatility in US Treasury bonds may increase and global financial conditions may tighten.
Historically, Bitcoin has tended to move in the opposite direction to the MOVE index. Therefore, the possible increase in bond volatility cryptocurrency market It may create a new pressure for From a technical perspective BTCIf it breaks down the upward channel, the possibility of retesting the $80,000 level increases. In the upward recovery scenario, the $94,000-95,000 range must be exceeded. However, there are strong resistance levels in the $96,000–100,000 band, such as the 50-day moving average and the Ichimoku cloud.
