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Bitcoin’s long-term recovery process continues to follow a parallel trend with technology stocks. Research service Ecoinometrics notes that upward movements in the Nasdaq stock market could have a direct impact on Bitcoin 
$111,459 prices. Experts suggest that technical formations emerging in the Nasdaq play a critical role in investors’ evaluation of risks in the cryptocurrency market.
Nasdaq’s Double Top Formation Draws Attention
The “double top” formation, considered a significant indicator in technical analysis, has appeared in the Nasdaq. This formation often signals the end of a strong upward trend. Historical data indicates that sharp declines in the market can follow such formations.
Investors believe that this structure in the Nasdaq could create a similar impact in the cryptocurrency market. The double top formation may lead to a decline in prices after reaching certain levels. Therefore, closely monitoring movements in both traditional markets and Bitcoin prices is recommended.
Bitcoin’s Support Levels Hold Critical Importance
In the last 24 hours, Bitcoin has lost more than 10% of its value. According to TradingView data, the price has fallen to the level of the 200-day simple moving average. A breach of this support point could lead to larger losses.
Analysts state that if Bitcoin loses this level, $73,757 is seen as a critical barrier. It is advised that investors exercise caution as they approach this level. If support levels cannot be maintained, the market may experience a larger wave of selling.
Technical indicators show that Bitcoin and the Nasdaq are signaling similar trends. Both markets pose risk factors for investors. Especially adopting investment strategies based on technical analysis data is crucial for minimizing risks.
