Bitcoin (BTC) Price News: $80K Retest Risk Rises

Bitcoin's three-week price bounce above $90,000 appears vulnerable following the stalling rebound of the tech-heavy Nasdaq index, suggesting potential downside risk for BTC. BTC recently retreated from $93,000, forming a bearish weekly candle that signals fading bullish momentum and dominance of 'sell-the-rallies' behavior near highs. This technical setup, combined with the Nasdaq dropping nearly 2% last week and showing a bearish MACD on its weekly chart, raises concerns due to the strong positive correlation between the two assets. Furthermore, the MOVE index, which tracks volatility in U.S. Treasury notes, formed an inverted hammer candle, potentially signaling a bullish revival for MOVE. Historically, an increase in MOVE (signaling financial tightening) tends to correlate inversely with risk assets like BTC. Consequently, the analysis suggests BTC is more likely to break down from its current counter-trend channel, leading to a re-test of recent lows near $80,000, unless it can clear significant resistance between $94,000 and $100,000.

(Source：CoinDesk)