Bitcoin Price Falls to $83,000 Amid Weakened Trend

Bitcoin's price fell to around $83,000 on September 29 after retreating from its high near $87,400. The 4-hour decline brought the price close to a support area with potential long liquidations.

The average directional index (ADX) for Bitcoin dropped to 12.39, indicating that the recent upward trend has weakened. The middle Bollinger Band stood at $83,932, while the upper band was near $85,198.

A recovery above the middle band could put $84,000 back in play before Bitcoin tests the $85,000, $85,200 area. However, this would be a significant hurdle as attempts to rebound during the past several sessions have stalled below $87,400.