Bitcoin has slipped to $82,516.97, down 1.55% in 24 hours, triggering concerns of a deeper correction. But according to Samson Mow, this breakdown is a “bear trap”—a fakeout designed to flush out weak hands before a larger move higher.
Mow remains firm on his $1 million BTC target, arguing the recent sell-off doesn’t reflect fundamentals. Bitcoin still holds a $1.64 trillion market cap, with 19.84 million BTC in circulation.
While Mow sees upside ahead, charts tell a different story. BTC has broken below a symmetrical triangle, with the former support at $83,650 now acting as resistance.
Bitcoin Technical Setup Signals Caution
The recent breakdown from the symmetrical triangle pattern has turned $83,650 into a key resistance zone, stalling any immediate rebound. A bearish engulfing candle under this level signals continued selling pressure.
- Current Price: $82,516.97
- 24H Volume: $19.93B
- Resistance Levels: $83,650, $85,231, $86,841
- Support Levels: $82,000, $81,278, $79,990
- 50 EMA: $85,231 (above current price)
- RSI (14): 27.63 (oversold)
The RSI remains oversold, but without bullish divergence, offering no clear sign of reversal. A breakdown through the triple bottom around $83,000 further weakens the structure, placing $81,278 and $79,990 in view. Volume near current levels is also subdued, reflecting a lack of strong buyer support.
What Comes Next for Bitcoin?
The key question is whether this is the trap Mow describes, or the start of a broader correction. Broader sentiment is mixed, with macroeconomic pressure and tight liquidity weighing on high-risk assets.
A confirmed reclaim of $83,650, followed by a breakout above the 50 EMA at $85,231, would be an early signal of bullish recovery. Otherwise, continued failure at current levels risks a slide below $80,000.
Key Signals to Monitor:
- Break and close above $83,650
- RSI divergence or recovery above 30
- Trading volume increase on bounce attempts
- Support holding at $81,278 or $79,990
Until these conditions are met, Bitcoin remains vulnerable. Whether Samson Mow’s call plays out will depend on how markets respond in the days ahead.
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