Bitcoin Price Holds Above $80K Amid Pullback from $87K High

Bitcoin's price has been fluctuating near $83,960 on the daily chart, with the cryptocurrency maintaining its position above its 20-day moving average of $80,730.

Lacie Zhang, research lead at Bitget Wallet, attributed the recent retreat from a high of over $87,000 to profit-taking after Bitcoin's rally, reduced leveraged long positions, and firmer U.S. Treasury yields and a stronger dollar.

Zhang identified the key area for the pullback as between $81,500 and $83,000, which is also the prior breakout zone.