Bitcoin Price Dips Below $83K Amid Options Expiry and Higher Yields
Bitcoin's price has pulled back to around $83,450 after rallying above $87,000 earlier in the week. The cryptocurrency's decline comes as traders weigh a large quarterly options expiry against higher U.S. Treasury yields.
The 4-hour chart shows Bitcoin trading near $83,476, still above its 20-day Bollinger Band midpoint at $79,951. However, the 4-hour MACD line has turned bearish, with a histogram reading of minus 300.59 showing weakened short-term momentum.
Traders Ardi and Daan Crypto Trades have identified the $83,000 to $85,000 range as local support for Bitcoin's price. A loss below this level could bring lower liquidity bands into focus, while reclaiming $85,200 could open up another test of the $87,000 highs.
The options expiry and higher U.S. Treasury yields are also contributing to the market's uncertainty. The 10-year yield has risen to around 5.19%, with some analysts warning that elevated yields could impact Bitcoin's price.