Bitcoin Bulls Bracing for Correction as Price Struggles Around $83,000

Bitcoin's (BTC) bull market trend remains intact according to Doctor Profit, but he expects a short-term correction before the next leg higher. In the past 24 hours, Bitcoin declined by 2.2% as it struggled around $83,000 on Monday.

The decline in price was partly due to fresh uncertainty surrounding Middle East diplomacy, which weighed on market sentiment. Weakening momentum and bearish divergences are pointing toward a possible short-term correction before recovery.

Doctor Profit has now predicted that the crypto asset could pull back towards $79,000, around the 50-week moving average, before continuing higher. He flagged bearish divergences in RSI, MACD/PPO and MFI, along with weaker trend strength in ADX, as signs of a near-term correction.

Despite this, Doctor Profit maintained that Bitcoin is still in a bull market, but he expects a correction within it. At $79K, he wants to see whether the MA50 Weekly holds as support.