# Markets are Complacent  

_The Nasdaq, an onchain data update, plus new price targets_

March 25, 2026 • Michael Nadeau

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# Markets are Complacent

## The Nasdaq, an onchain data update, plus new price targets

Michael Nadeau
 March 25, 2026

 Hello readers,

 BTC continues to show strength amid global uncertainty. It’s trading at $70.5k at the time of writing — down 44% from its peak on 10/6/25, but *up *13% since early February.

 Meanwhile, the Nasdaq is starting to crack. It’s now down 9.2% from the 10/29/25 high. It just broke its 200-day moving average. And MAG7 continues to underperform.

 Which has us wondering:

 Are the TradFi markets poised to join BTC in a bear market?

 And are investors waiting for the next “TACO” naive or prescient?

 We explore in this week’s edition of TDR Pro.

 Topics covered:

- [Views on Macro/Oil/Geopolitics](#views-on-macro-oil-geopolitics)

- [BTC Onchain Data](#btc-onchain-data)

- [The Watch List: Price Targets Update](#the-watch-list-price-target-update)

- [Closing Thoughts & Portfolio Management](#closing-thoughts-portfolio-manageme)

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 Today’s report is for Pro members, but you can unlock it with a one-month free trial [here](https://thedefireport.io/friends?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=markets-are-complacent).

 Let’s go.

# Views on Macro/Oil/Geopolitics

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-  • Macro + onchain data "cycle awareness" updates
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