Crypto analyst Benjamin Cowen maintains that Bitcoin remains locked within a bearish market structure. In a recent update, Cowen highlighted a historical pattern where BTC consistently tests lows in February during previous bear markets.
Although prices rallied into March, Cowen insists this does not signal a definitive trend reversal.
He stated he would only alter his stance if Bitcoin convincingly closes above the key resistance level known as the "line in the sand" at $83,000.
"You could argue that as long as Bitcoin is trading below $83,000, nothing’s really changed," Cowen explained. He cautioned traders against bullish false signals, predicting a potential sell-off into a lower low following a temporary lower high formation.