Bitcoin is currently trading near $84 000, marking its highest price point since January 2026. Analyst Benjamin Cowen suggests that the asset's future trajectory depends on the upcoming weekly close. A finish above the $82 000 threshold could signal a sustained breakout, while a drop below this level might indicate a false start.
The market is closely monitoring the May 2026 high of approximately $82 500. Cowen notes that closing above this mark is essential to confirm a new bull market phase. Failure to hold this position could result in a price reversal, as seen in previous instances where short-term spikes failed to maintain momentum.
Macroeconomic factors are complicating the outlook, as the 10-year Treasury yield exceeded 5% on Wednesday, reaching a 19-year peak. Additionally, September flash PMI data surpassed economist expectations. These conditions often reduce the appeal of risk assets like Bitcoin, adding pressure to the current price action.
Market sentiment remains cautious, with analysts like Michaël van de Poppe acknowledging the uncertainty. Van de Poppe suggests that while a correction might be concluding, a retest of the $81 000 level is still possible. Traders are now focused on the weekly candle as a primary indicator to determine if the current rally is genuine.
