Bitcoin Dips Below $84K Amid Profit-Taking and Macro Pressures
Bitcoin faced selling pressure on Wednesday, briefly slipping below $84,000 as profit-taking and weaker macroeconomic conditions slowed its recent rally. The cryptocurrency traded around $84,151, falling below the $85,000 support level after failing to regain its peak near $87,000. Institutional activity showed mixed signals, with US spot Bitcoin ETFs recording modest outflows totaling $92.90 million over two days, while Strategy continued its Bitcoin accumulation.
Strategy, led by executive chairman Michael Saylor, added 334 BTC last week, extending its buying streak to three weeks. The company now holds 848,000 BTC, alongside $5.70 billion in US dollar reserves. Despite this corporate demand, higher Treasury yields and a stronger US dollar posed challenges for Bitcoin's recovery. The 10-year Treasury yield reached a fresh two-decade high near 5.35% before stabilizing around 5.28%, while the US Dollar Index hit an intraday high of 102.53.
Technical indicators suggested a cautious outlook. Santiment’s Network Realized Profit/Loss metric hit its highest level since November 23, 2025, signaling increased profit-taking. Bitcoin remains above key daily exponential moving averages, with the 50-day EMA at $79,430 serving as the next major support. The Relative Strength Index (RSI) is near 56, indicating positive but softening momentum. To resume its advance, Bitcoin must defend the $82,538 support level and absorb further ETF outflows.
A sustained break below $82,538 could trigger a deeper pullback, with the 100-day and 200-day EMAs at $75,565 and $75,056 respectively providing additional support. Longer-term reference points include $66,500 and $62,300. For now, Bitcoin's near-term direction depends on whether buyers can maintain the $82,538 level amid persistent macroeconomic pressures.