Bitcoin Retreats Below $90K After $93.4K Peak, Tracking Nasdaq-to-S&P 500 Trends
Bitcoin (BTC) briefly touched an all-time high of $93,445 late Wednesday before slipping below the $90,000 threshold—a key resistance level defined by the trendline linking its 2021 highs.
This price action mirrors the behavior of the Nasdaq-to-S&P 500 (NDX/SPX) ratio, a barometer of risk appetite in technology and emerging markets. Historically, the ratio has closely aligned with bitcoin’s major price trends, often acting as a leading indicator.
CoinDesk first noted this correlation in April 2023, highlighting how the ratio’s climb earlier this year coincided with BTC’s resurgence from sub-$30,000 levels. By mid-2023, the ratio had broken through to fresh highs, signaling bullish momentum that drove bitcoin’s ascent.
However, the NDX/SPX ratio has since retreated below its key trendline, mirroring bitcoin’s current consolidation phase. Options market activity also suggests traders are preparing for a pause, with cautious positioning around the $90,000 mark.
Still, a rebound in the NDX/SPX ratio could reignite optimism for bitcoin, paving the way for a push toward six-figure territory. With speculative bets on a $100,000 breakout continuing to gain traction, traders are watching closely for the next signal from this enduring macro correlation.
