Bitcoin-Nasdaq Ratio Reclaims 200-Day Average

The Bitcoin-to-Nasdaq ratio reclaimed its 200-day moving average on September 18. This move ended a period where the ratio had been below the average for 235 straight sessions. The ratio has not closed under the moving average since that date.

Analyst Sean Hagan examined the historical performance following such reclaims. He noted that Bitcoin was higher one year after these events five out of six times. The median gain for Bitcoin one year after such reclaims is roughly 84%. Hagan compared the current cycle to the 2021 fake-out, noting that this cycle's 62% reset was the shallowest on record.

Hagan provided an invalidation level for the bullish signal. He identified a $100K line as a critical support level for the asset.