Bitcoin Falls 2% to $83,000: What Does Technical Analysis Predict?

Bitcoin (CRYPTO: BTC) trades just above its May of $82,800 on Monday morning, but analysts remain curious if the breakout can survive into Q4 or give way to a correction towards the $79,000 region.

Why the Burden Of Proof Shifted to Bears

Bitcoin’s weekly close marked a shift from lower highs to a higher high, prompting analyst Benjamin Cowen to say the "burden of proof has shifted" to bears.

Cowen, who previously assigned a 65% chance that Bitcoin’s low was not yet in, said the breakout requires reassessing that view.

While BTC has also reclaimed its 50-week moving average, it has risen only about 10% above it.

Cowen noted in a podcast on Sept. 28 that Bitcoin rallied roughly 40% within two weeks after its 2019 reclaim and about 24% following the comparable 2023 breakout.

Sustained acceptance above $82,800 would support the bullish structure, while a move back below that level, particularly alongside a quick retest of the 50-week average, would be more concerning.

He also flagged historically challenging Q4 performance during U.S. midterm-election years, leaving both further upside and another correction in play.

Which Key Indicators Flash Bearish Divergence

Trader Doctor Profit meanwhile remains bullish on Bitcoin’s broader trend but expects a near-term pullback after BTC nearly reached his $88,000 target.