Bitcoin is back at a critical level against stocks, while its own weekly chart is testing the same kind of support that helped launch the 2023 bull market. If buyers defend this zone and BTC reclaims $68,000, analysts say the next major move could shift from weakness to a run toward $140,000.
Bitcoin’s Stock Market Ratio Hits a Critical Support Line
Bitcoin’s performance against the S&P 500 has dropped back to a key support area, with the BTC/SPX ratio testing the same zone that held during the yen carry trade unwind and the first June low.
BTC/SPX weekly chart. Source: Daan Crypto Trades on X, TradingView.
The chart shows BTC/SPX near the 8 level, an area that previously acted as support during major market stress. That makes it an important level for Bitcoin’s relative strength against stocks.
BTC/SPX tracks how Bitcoin is performing compared with the S&P 500. When the ratio rises, Bitcoin is outperforming stocks. When it falls, Bitcoin is losing ground against the broader equity market.
According to Daan Crypto Trades, this level matters for traders who watch relative value between assets. A hold here would suggest Bitcoin is still defending an important support zone against equities.
However, a break below this area would weaken the setup. The chart shows limited nearby support below the current level, with the next major area closer to late 2023 levels, before the spot Bitcoin ETF rally began.
For now, the 8 zone is the key line to watch. Holding it would support the case for Bitcoin to stabilize against stocks, while losing it could point to deeper relative weakness.
Bitcoin Chart Signals 2023-Style Setup as $68K Becomes Key
Bitcoin is testing a major macro support area, with one analyst saying the current setup looks similar to the structure that preceded the 2023 bull market.
BTC/USDT weekly chart. Source: BATMAN on X, TradingView
The chart shows BTC trading near the lower boundary of a multi-year ascending channel. This area has acted as a long-term support zone in previous market cycles, including before Bitcoin’s strong rally in 2023.
The weekly RSI has also returned to what the analyst describes as a historical demand zone. In past setups, similar RSI moves showed weakening downside momentum before buyers stepped back in.
The key breakout level now sits near $68,000. According to the chart, a clean move above that level could confirm renewed strength and open the door to a larger move higher.
The analyst’s upside projection points toward $140,000 or more if the same fractal plays out again. However, Bitcoin still needs to reclaim resistance first before that target becomes the main scenario.
For now, the lower channel support and the weekly RSI zone remain the main levels to watch. Holding this area would support the bullish case, while a failure to defend it could weaken the macro setup.
