Bitcoin Price Reverses After Briefly Topping $87K

Bitcoin's price retreated from its daily high near $87,279 to about $84,344 after briefly trading above $87,000 on September 23.

The drop below $85,000 came after a rally driven partly by short liquidations lost momentum, according to CoinMarketCap's Alice Liu.

Liu noted that the rise toward $87,000 reflected traders closing bearish positions, with forced short covering roughly ten times the value of long liquidations on Monday.

The 4-hour chart shows Bitcoin holding above the Supertrend line at $83,592.86, but a sustained move below this level would put the $82,500 to $83,000 area in focus.