Bitcoin's Price Drops Amid Diplomatic Uncertainty

Bitcoin's price struggled around $83,000 on Monday after falling 2.2% over the past 24 hours due to fresh uncertainty around Middle East diplomacy weighing on market sentiment.

Weakening momentum and bearish divergences point toward a possible short-term correction before recovery, according to Doctor Profit, who has predicted that Bitcoin could pull back toward $79,000, around the 50-week moving average, before continuing higher.

However, he maintained that he considers Bitcoin to be in a bull market but expects a correction within it. He wants to see whether the MA50 Weekly holds as support at $79K.

Meanwhile, Ali Martinez said that Bitcoin is retesting the $82,000 level after breaking out of a double-bottom pattern, a level that could now act as support.