Bitcoin Breaks Key Support — Is $83K the Next Stop?

Oct 2

Bitcoin(BTCUSDT) has started to decline with strong bearish momentum and is now attempting to break below the Support Zone($84,940-$85,460).

The current structure suggests that selling pressure is increasing, while USDT Dominance% is also supporting the bearish scenario.

Can Bitcoin hold this Support Zone, or is a deeper correction toward $83,000 beginning?

Technical Analysis

From an Elliott Wave perspective, Bitcoin appears to have completed Primary Wave 5 through an Expanding Ending Diagonal.

From a classical technical analysis perspective, this structure also resembles an Ascending Broadening Wedge Pattern, which can signal weakening bullish momentum near the end of an uptrend.

💡 Educational Note: An Ending Diagonal often appears near the final stage of an Elliott Wave impulse and can signal trend exhaustion, especially when price breaks below its lower boundary.

Considering the current structure in USDT Dominance%, I expect Bitcoin to break below the Support Zone and decline at least toward the key trading level of $84,000.

However, weekend trading volume is typically lower, which could reduce the probability of an aggressive sell-off in the short term.

If bearish momentum continues into next week, BTC could extend its decline toward $83,000 and potentially the Cumulative Long Liquidation Leverage.

Trade Setup

First Take Profit(TP): $84,240

Second Take Profit(TP): $83,840

Third Take Profit(TP): $83,120

Stop Loss(SL): $87,000(Worst)

Key Trading Level: $84,000

Cumulative Short Liquidation Leverage: $87,000-$87,840

Cumulative Short Liquidation Leverage: $88,950-$90,000

Potential Reversal Zone(PRZ): $88,760-$91,870

Cumulative Long Liquidation Leverage: $81,900-$83,100

Upper CME Gap: $87,825-$87,700

Which level do you think Bitcoin will reach first?

🔴 $83,120

🟢 $87,000

📌 Bitcoin Analysis(BTCUSDT), 1-hour time frame.

🛑 Always use proper risk management and set a Stop Loss(SL) for every position.

🚀 If this analysis helps your trading plan, a BOOST would help more traders discover it.

Oct 5

Order cancelled

Although Bitcoin successfully reached the first and second targets from the previous analysis, the overall price action did not develop according to the expected analytical scenario.

For this reason, I am officially cancelling this analysis.

I’ll share a new Bitcoin analysis with you soon based on the latest market structure.

Transparency with my community has always been very important to me. I will always report every outcome clearly, including when a scenario is invalidated or when a Stop Loss (SL) is triggered.