Bitcoin is approaching a make-or-break weekend. After failing to hold $83,000, the cryptocurrency is now facing a more uncomfortable level at $80,000.

Analyst Benjamin Cowen warns that a weekly close below $83,000 on October 25 would strengthen his bearish outlook for the rest of 2026. His warning comes as Bitcoin faces pressure well beyond its own price chart.

Why Bitcoin’s $80,000 Level Matters

The latest failed rally has already punished bullish traders. During one four-hour selloff, long positions accounted for $91.19 million of $95.22 million in crypto liquidations.

More concerning, Glassnode estimates that companies holding Bitcoin on their balance sheets…