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#BTC Quick Update
Despite another red day in the US, Bitcoin started to deviate positively away from Nasdaq.
It is still very early to say anything because BTC is still below the AVWAP at 94.4k and the previous local highs between 96k and 97k.
First, it has to reclaim the AVWAP then break out of the channel by going above 97k.
If it ends up making another lower high, it can go further down.
If the US indices are going to bounce soon, Bitcoin may be front-running them but only in hindsight we will be able to know.
89k is an important level that can potentially be the local low for the reasons I shared in my previous update. Both in August 2024 and April 2025, the local low was in when BTC price deviated 0.75 stdev away from the Short Term Holder Cost Basis. (You can see my previous Update). Also this level is an important pivot zone in terms of technical analysis.
In short, this is not a bad bounce while Nasdaq is having another awful day. However, to confirm this move, we need to reclaim 94.5k and 97k.