Bitcoin Price Pulls Back to $84,344 After Briefly Trading Above $87,000
Bitcoin's price pulled back to around $84,344 on September 23 after briefly trading above $87,000 earlier in the session. The daily chart shows that the price fell below $85,000, which is below the upper Bollinger Band at $85,743.69.
The 4-hour chart captures the pullback more clearly and shows that the price held above the Supertrend line at $83,592.86. However, this level was brought into view by the drop in price.
Alice Liu from CoinMarketCap noted that the climb to $87,000 reflected traders closing bearish positions, with short covering driving the rally. She stated that Monday's forced short covering was roughly ten times the value of long liquidations, while total liquidations had fallen to half their 30-day average by Tuesday.
Liu's assessment points to a question for the next leg of the move: whether spot buyers can sustain prices once forced purchases from closing short positions subside. The CoinGlass heatmap shows estimated areas of leveraged positions that could face liquidation if price reaches them, rather than firm support or resistance.