Samson Mow Says Bitcoin Bear Trap: What’s Next at $82,516.97?

Last updated: March 29, 2025 12:42 EDT

Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis…

Last updated:

March 29, 2025 12:42 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas – from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Bitcoin Price Analysis

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.

BTC Bull: Earn Bitcoin Rewards with the Hottest Crypto Presale

BTC Bull ($BTCBULL) is making waves as a community-driven token that automatically rewards holders with real Bitcoin when BTC hits key price milestones. Unlike traditional meme tokens, BTCBULL is built for long-term investors, offering real incentives through airdropped BTC rewards and staking opportunities.

Staking & Passive Income Opportunities

BTC Bull offers a high-yield staking program with an impressive 119% APY, allowing users to generate passive income. The staking pool has already attracted 882.5 million BTCBULL tokens, highlighting strong community participation.