BTC could retest $80K amid Nasdaq weakness, analyst says

Bitcoin could retest the $80,000 level amid growing downward pressure on the U.S. Nasdaq market, according to Coindesk analyst Omkar Godbole. He noted that last week, the BTC/USD daily chart failed to break through $94,000 and closed with a bearish candle featuring a long upper wick. Simultaneously, the Nasdaq fell 2%, and its weekly Moving Average Convergence Divergence (MACD) indicator turned bearish, increasing risk. Godbole highlighted the high correlation between the two assets, observing that BTC tends to react more sharply to downturns in the tech index. The analyst also pointed to the MOVE index, which measures 30-day implied volatility in U.S. Treasurys, as another indicator suggesting a potential for increased market turbulence. A rising MOVE index signals greater volatility in the Treasury market, which can tighten global financial conditions and limit the upside for risk assets. Historically, Bitcoin has moved inversely to the MOVE index. Godbole concluded that Bitcoin is likely to break below its current upward channel, potentially leading to a retest of the $80,000 low. For a short-term bullish reversal, he stated that BTC would need to break through the $94,000 to $95,000 range.