Bitcoin (BTC) rebounded while holding the psychological support level of $60,000, prompting expectations it could show relative strength even as the Nasdaq faces the risk of further correction.

On June 7, Cointelegraph reported bitcoin rebounded 6.5 percent over the weekend from a low near $59,100, rising to $62,950.

The rebound drew attention because it came right after the tech-heavy Nasdaq Composite fell more than 4 percent on June 6. It was the index's biggest one-day drop since April 2025. That fueled expectations that funds that had crowded into risk assets could return to the bitcoin market.

The key is whether long-term support holds. Filbfilb (필브필브), a veteran analyst, wrote on June 8 that bitcoin is holding firm above its 200-week simple moving average near $61,880. That zone also helped form bottoms in 2020, 2018 and 2015.

The market is therefore interpreting the period when bitcoin slipped below $60,000 as a temporary shakeout. If this support holds, the next upside target cited is the 50-week simple moving average of $92,630.

In contrast, additional downside risk was raised for the Nasdaq. The weekly relative strength index fell to about 62.46 from around 74.75, and analysis suggests the chart could see a correction to the 20-week moving average level of 22,905. Since 2021, in major cases when the Nasdaq's weekly RSI dropped below 70 after being above the overbought level, the index retreated to around its 20-week moving average.

If the same pattern repeats, the Nasdaq could fall about 10.75 percent further from current levels in June or July. The core of the analysis is that even in such a situation, if bitcoin holds its long-term bottom, it could stage a strong mean-reversion rebound.

Bitcoin's relative valuation indicator was also cited as a signal that could increase the likelihood of a rebound. The daily RSI based on the bitcoin-to-Nasdaq ratio has re-entered a record oversold zone. The indicator fell to 14.70 on June 7, marking an all-time low. The previous low was 14.88 in February, after which bitcoin's price recovered more than 30 percent.

Market participants interpret this as bitcoin having become excessively cheap relative to the Nasdaq. Similar conditions previously drew buying, and buyers are entering again as the same setup reappears.

The key points to watch ahead are clear. The near-term direction is expected to hinge on whether bitcoin can continue to defend the 200-week moving average and the support zone around $60,000, and whether it can maintain relative strength while the Nasdaq correction continues. As long as bitcoin holds long-term support, the market is leaving open the possibility that the rebound could resume in the coming weeks.

Bitcoin retesting the 200 week ma and the Nasdaq hitting the 20 week ma are one man’s Guaranteed lower prices to come and another man’s opportunity.