In this video: Bitcoin Elliott Wave analysis for 28 September 2026: $83,000 acts as a critical trigger for the current setup. Video by More Crypto Online.
We examine the current Bitcoin price action using Elliott Wave analysis to determine if the market is in a trend reversal. Our forecast focuses on whether the current 1-2 setup on the daily chart will lead to a new high or if a break below key support levels signals a bearish October. We identify the primary resistance and support zones to define the potential path for the coming week.
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Bitcoin (BTC) is trading at approximately $83,428 ($83,981 USDT / €73,294), showing a minor decline of 1.22% in early Monday trading. The cryptocurrency is currently consolidating after a powerful breakout last week that saw prices briefly surge past $85,000–$87,000, heavily driven by a massive $648 million short squeeze and renewed institutional accumulation.
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Bitcoin Insights Today
-SGeopolitical and Macro Headwinds: The primary drag on today's momentum stems from escalating regional uncertainties involving the US-Iran conflict. This has pushed Brent crude oil prices above $106 per barrel, slightly lifting global inflationary pressures. Consequently, the U.S. Dollar Index (DXY) ticked up to 101.15, and Treasury yields remain high, prompting some profit-taking across risk assets like crypto.
-Monetary Policy Uncertainty: Traders are keeping a close eye on the Federal Reserve, with fixed-income markets now pricing in a 68% probability of an October interest rate hike to tame the stubborn energy-led inflation.
-Heavy Whale Accumulation: Despite short-term price cooling, macro-level market structures remain highly bullish. Santiment data reveals that Bitcoin "whales" holding between 100 and 1,000 BTC have aggressively accumulated 113,950 BTC (roughly $9.6 billion) over the past 10 weeks, pointing to long-term institutional conviction.
-ETF Momentum Cooling slightly: Spot U.S. Bitcoin ETFs net inflows topped an impressive $2.39 billion last week, though inflow speeds have normalized this morning as macro anxiety takes center stage.
-Technical Breakdown: Technically, Bitcoin's structure is healthy. Last week's rally successfully forced BTC to close above its 50-week moving average for the first time in 45 weeks, signaling a major trend reversal from earlier multi-month consolidation bands.
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