Analysts are focusing on $68,000 as Bitcoin’s most important weekly level. The source material says a decisive move back above that area would confirm renewed momentum and could put a larger advance in play, with the next major target set at $140,000 and higher. Until then, the market is still treating that zone as resistance.
BTC/SPX ratio returns to a major support area
The BTC/SPX ratio, which tracks Bitcoin’s performance against the S&P 500, has fallen back to a level that previously acted as support during periods of market stress. On the weekly chart, the ratio is hovering near 8. The article notes that this same area held during earlier episodes, including the unwind of the yen carry trade and the lows seen in June this year.
This ratio is used to judge whether Bitcoin is outperforming or lagging the broader equity market. A rising reading shows Bitcoin is stronger than the S&P 500, while a falling ratio signals relative weakness. Daan Crypto Trades said this support zone matters for investors watching the relative value of assets, and that holding above it would suggest Bitcoin still has a firm position versus stocks.
If the ratio breaks below 8, the technical picture could weaken. The source says there is little strong support directly underneath that level, which means a downside break could shift attention back to levels last seen in late 2023, before the rally tied to spot Bitcoin ETFs began.
Weekly structure points to $68,000 as the line to reclaim
Bitcoin’s weekly chart in dollar terms also highlights a major macro support zone. Technical analyst BATMAN said the current setup closely resembles the structure seen before the 2023 rally. Price is trading near the lower boundary of a long-running ascending channel, and that area has acted as long-term support in earlier cycles.
On the same chart, the weekly RSI has returned to levels that were historically linked to stronger demand. The Relative Strength Index is widely used to measure the speed and momentum of price moves. According to the source, this part of the RSI range often matched periods when selling pressure faded and buyers returned.
BATMAN said a decisive move above $68,000 would confirm fresh momentum for Bitcoin and could open the way for a larger upside move. Under that technical view, the next main target sits at $140,000. For now, traders are still watching the ascending channel support and the weekly RSI zone. If both areas hold, the structure may continue to resemble the setup that came before Bitcoin’s 2023 advance; if support fails, the article warns of deeper weakness both against stocks and across the broader long-term chart.