Bitcoin Slides to $85,500 After Bart Simpson Pattern as Crypto Market Struggles for Direction

Bitcoin has retreated to its weekly low of around $85,500 after forming what traders often call a “Bart Simpson pattern,” a technical setup marked by a rapid price spike, a brief period of consolidation, and a sudden drop back to the original level. The unusual chart shape, resembling the cartoon character’s head, appeared earlier this week and reinforced growing concerns about short-term volatility in the crypto market.

The broader digital asset market continues to face a frustrating dynamic for crypto investors. Bitcoin and other cryptocurrencies appear largely uncorrelated with equities during stock market rallies, yet closely track stocks when markets decline. This pattern played out again as a sharp intraday rally in Bitcoin faded alongside a downturn in the Nasdaq, which fell roughly 1.5% late in the session. Weakness in technology stocks, particularly within the semiconductor sector, added further pressure.

Adding to the disappointment for crypto bulls is the strong performance of precious metals. Silver surged another 5% to fresh record highs, while gold climbed 1% and hovered just below its all-time peak. Historically, many investors viewed Bitcoin as a hedge during periods of monetary easing or market stress, similar to gold. Instead, traditional safe-haven assets such as gold, silver, and even copper are attracting capital, while cryptocurrencies lag behind.

Weekly performance numbers highlight the market’s struggles. Bitcoin is down about 8% on the week, ether has dropped roughly 15%, and major altcoins such as Solana and XRP are lower by around 12%. According to Jasper De Maere, desk strategist at Wintermute, Bitcoin is likely to remain range-bound between $86,000 and $92,000 in the near term. He noted that elevated volatility within this consolidation phase makes sharp price swings more common, especially as liquidations occur.

De Maere also cautioned against relying too heavily on technical indicators right now, pointing to ongoing profit-taking driven by year-end portfolio rebalancing and tax considerations. While he stopped short of calling a definitive market bottom, he suggested that Bitcoin may be approaching “max pain” levels and is increasingly oversold, with sideways price action likely to persist until new catalysts emerge later in December.