Are the Bears Taking Control of Bitcoin? Renowned Analyst Benjamin Cowen Outlines Critical Levels

Benjamin Cowen, a closely followed analyst in the cryptocurrency market, assessed the latest developments in the Bitcoin (BTC) price. Cowen suggested that bullish expectations for Bitcoin have weakened and that bears are beginning to regain control of the market. Noting that Bitcoin gave back most of its gains after rising to the $87,000 level, the analyst emphasized that the $83,000 level is a critical threshold. According to Cowen, two consecutive weekly closes for Bitcoin below $83,000 could be a strong technical signal that the recent rally was a bull trap.