Bitcoin (CRYPTO: BTC) dipped below $71,000 for the first time in weeks on Monday, prompting critics to point out persistent weakness compared to equities.
Schiff Says Nasdaq Strength Makes Bitcoin’s Weakness Worse
Peter Schiff pointed to the divergence between Bitcoin and equities as a warning sign.
“If Bitcoin is this weak now, even with the Nasdaq hitting record highs, just imagine how much weaker it will be when the Nasdaq finally has a correction, let alone enters a bear market,” Schiff posted on X.
Bitcoin has historically been sold during risk-off periods as a liquid asset traders use to raise cash. If it cannot rally when equities are hitting records, the downside during a stock market correction could be sharper than most holders are pricing in.
Cowen Sees $70,000 Bounce Then A Return To February Lows
Analyst Benjamin Cowen posted his near-term roadmap on X, calling for Bitcoin to tag $70,000 soon before getting a brief bounce lasting a few days to a week.
After that bounce ends, Cowen expects Bitcoin to head back to the February 2026 lows near $62,000.
“Trying to predict short-term price action is hard, as I generally consider the short-term moves akin to a random walk,” Cowen wrote.
“But if I had to guess, I would guess that BTC tags $70,000 soon, then gets a small bounce. But after the bounce is over, I do think BTC will head back to the lows from February 2026,” he added.
Rising Channel Broken With Conviction As MACD Expands Red
The rising channel that held from March through May is fully invalidated.
Every EMA sits bearishly overhead, with the 20 EMA at $75,597, 50 EMA at $75,974, 100 EMA at $76,431, and 200 EMA at $80,950 forming a clean wall of resistance above current price.
MACD is the most concerning signal, with the histogram at negative 1,363 and expanding with no signs of slowing.
There is no divergence and no exhaustion visible in the momentum data. Loss of the $70,000 psychological level opens a direct path to $66,000 to $67,000 and then $62,000.
A bullish reversal requires the MACD histogram to start contracting and price to reclaim $73,500 to target $75,500 and above.
Image: Shutterstock
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