Bitcoin Eyes $92,630 Target After Holding $60,000 Support
Bitcoin climbed about 6.5% to $62,950 after holding above $60,000 and its 200-week SMA; analyst Filbfilb projects a rally to $92,630 if the Nasdaq weakens further.
Bitcoin rose about 6.5% from a local low near $59,100 to an intraday high of roughly $62,950 on Sunday after staying above the $60,000 level and its 200-week simple moving average, around $61,880. The price recovered after a brief dip below $60,000 over the weekend.
Analyst Filbfilb published technical commentary noting that if Bitcoin holds the 200-week SMA, the next major upside reference is the 50-week simple moving average near $92,630. The analyst described the recent drop below $60,000 as a possible shakeout if long-term support holds.
The tech-heavy Nasdaq Composite fell more than 4% on Friday, its steepest one-day drop since April 2025. The Nasdaq’s weekly relative strength index moved from about 74.75 to 62.46 after the decline. The index appears to be correcting toward its 20-week simple moving average, near 22,905 points, a level the technical comparison implies could be reached by June or July if the pattern repeats.
Filbfilb and other technical observers point to the performance of the Bitcoin-to-Nasdaq ratio as an additional data point. The ratio’s daily RSI fell to 14.70 on Saturday, the lowest reading on record; the previous low of 14.88 occurred in February and preceded a more than 30% recovery in Bitcoin.
Traders monitored weekend price action because the 200-week SMA has coincided with cycle lows in 2015, 2018 and 2020. Market participants note that holding that average would preserve a long-term support level, while a break below it would expand downside risk.
Technical indicators cited in recent analysis include the 200-week and 50-week simple moving averages for Bitcoin and the 20-week SMA and weekly RSI for the Nasdaq. Those indicators are used to identify medium- and long-term trend levels and relative strength between assets.
The current sequence of price action and indicator readings is framed by analysts as a scenario in which a weaker Nasdaq could align with a stronger performance in Bitcoin, and where extreme oversold readings in the BTC-to-Nasdaq ratio have historically preceded sharp recoveries in Bitcoin.
The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.
Articles by this author
