Bitcoin Faces Bearish Outlook Amid Nasdaq Decline

According to Foresight News, as reported by CoinDesk, Bitcoin's (BTC) technical outlook has worsened due to the Nasdaq index forming a 'double top' pattern. On Monday, the Nasdaq fell by 2.2%, breaking a critical support level, which has reinforced a short-term bearish expectation for BTC. Over the past 24 hours, BTC has dropped more than 10%, erasing Sunday's gains and testing the 200-day simple moving average (SMA) support level at $82,587. Analysts suggest that BTC's long-term trend is closely correlated with the Nasdaq. If the Nasdaq continues to decline, BTC may face further downside risks. Should BTC fall below the 200-day moving average, the next support level is anticipated to be at $73,757.