Bitcoin Price Pulls Back as Midterm Elections Loom

The Bitcoin price is currently experiencing a pullback near the end of September after retreating from its recent high around $87,400. As of September 29, BTC traded near $84,000, leaving traders concerned whether this decline is temporary or indicative of a deeper Q4 correction.

According to Glassnode's report on September 23, a cluster of long-term holders' supply resides in the range of $84,000-$85,000. Meanwhile, the mean MVRV price showed that the next on-chain resistance level could be formed at $96,700.

The general market is also contributing to this pressure as Bitcoin was trading towards posting five consecutive losses on September 29 due to higher yields of US Treasuries making interest-bearing assets more attractive.