BTC Drops 62% Against Nasdaq, Resistance at 78500

Bitcoin is performing worse than the Nasdaq, with a lag of 62%. This is the third time in eight years that the ratio between Bitcoin and the Nasdaq has dropped so significantly. Previous declines of 76% in 2018 and 68% in 2022 led to strong rallies. The current price of Bitcoin is around $78,000, just below the resistance of $78,500. If Bitcoin breaks this resistance, the price could rise to $82,000. Support is at $71,000. The recent increase is mainly due to forced buying by shorts, which makes the movement vulnerable. Key points are: $78,500 confirms a bull run, $82,000 transitions to a full bull market, and a drop below $71,000 would negate the bull market scenario. The MVRV ratio and a recovery of the Nasdaq could also influence the price.

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