Bitcoin’s recovery at risk as Nasdaq forms bearish double top: Ecoinometrics reports

Research service Ecoinometrics recently noted that Nasdaq formed a bearish "double top" pattern on March 3, posing a threat to Bitcoin's (BTC) 200-day simple moving average (SMA) support, according to CoinDesk. This analysis is based on the observed correlation between BTC's performance and that of the Nasdaq, suggesting that the Nasdaq's trends could significantly influence BTC's long-term recovery. If Nasdaq falls below this level, BTC could also face a major decline, as its price follows Nasdaq's trend. Both have struggled since losing bullish momentum in December and are now trading near their 200-day averages.