Research service Ecoinometrics has highlighted the correlation between the long-term recovery of bitcoin and the performance of the Nasdaq. However, the Nasdaq recently triggered a bearish reversal pattern known as a "double top," putting bitcoin's 200-day simple moving average (SMA) support at risk. Bitcoin has dropped over 10% in the past 24 hours and tested the 200-day SMA support at $82,587. The double top breakdown on the Nasdaq suggests the possibility of bitcoin falling below its long-term average, with the next support seen at $73,757.



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