Bitcoin Price Plunges Toward $83,000 Amid Rising Treasury Yields
Bitcoin's price has been falling, trading near $83,050 as of September 29, according to TradingView's Binance BTC/USDT chart. This drop comes after a high of around $87,400 on September 21.
The daily price moved below $84,000, but Bitcoin remains above its 20-day simple moving average of $80,944.
Bitcoin is currently stuck in an important range between $82,000 and $85,500. The latest decline has brought BTC back toward the lower end of this range, making the $82,600 area crucial for determining whether Bitcoin can attempt another rebound.
The 4-hour chart shows that Bitcoin's short-term trend has lost strength, with an ADX reading of 12.39. Despite this, Bitcoin is still above several major daily moving averages, including the 20-day average at $80,944 and the 50-day average at $76,883.