Bitcoin is retesting critical support zones both in its relative performance against stocks and on the weekly price chart. Analysts evaluate that if buyers protect this area and the price rises above $ 68,000, the outlook may turn from weakness to strength, and a broader scenario towards $ 140,000 may come to the fore again.
Critical support came to the fore in the BTC/SPX rate
The BTC/SPX ratio, which shows Bitcoin’s performance against the S&P 500 index, has retreated to the region that previously served as support during periods of increased market pressure. On the weekly chart, the rate is close to the 8 level. This area was preserved during the period when yen carrying transactions began to unravel and in the first bottom area of June.
The BTC/SPX ratio shows how strongly or weakly Bitcoin is moving relative to stocks. A rising ratio indicates that Bitcoin is outperforming the S&P 500, while a falling ratio indicates that it is lagging the broader equity market.
Daan Crypto Trades notes that this area is important for investors monitoring the relative value between assets, and maintaining support could indicate that Bitcoin still has a strong base against stocks.
On the other hand, if it falls below the 8 level, the technical outlook may weaken. A strong and close support area appears limited just below the current zone on the chart. Therefore, in a possible downside break, attention can be turned to the end-2023 levels before the start of the spot Bitcoin ETF rise.
The $68,000 threshold is monitored on the weekly chart
Bitcoin’s dollar-based weekly chart similarly points to an important macro support area. Analyst BATMAN evaluates that the current structure has similar features to the technical outlook before the 2023 uptrend. The price is trading near the lower boundary of the multi-year ascending channel, and this area has served as long-term support in previous cycles.
On the same chart, the weekly RSI indicator has also returned to areas where demand has strengthened in the past. RSI is widely known as a technical indicator that measures the speed and momentum of price movement. In similar past examples, this zone accompanied phases where selling pressure weakened and buyers came to the fore again.
Mini dictionary: RSI is the technical indicator known as the Relative Strength Index. It is used to understand whether price action is approaching overbought or oversold areas and can signal a weakening or strengthening of momentum.
BATMAN predicts that a clear move above $68,000 could confirm a renewed strength in Bitcoin, paving the way for a larger upward move.
In the technical projection, the next main target stands out as $ 140,000 and above. However, for this scenario to become a mainstream expectation, Bitcoin must first reclaim the resistance zone around $68,000. For now, investors’ focus is on the weekly RSI zone with ascending channel support.
The preservation of these two areas may support the view that a structure similar to 2023 could work again. However, if the support is lost, there may be a risk of a deeper weakening in both the relative outlook for stocks and the technical picture in the wider time frame.
