Bitcoin Price Stalls at $83,150 as Institutional Buying Hits Record High
Bitcoin's latest attempt to break above $85,000 has stalled at $83,150, leaving traders wondering if the cryptocurrency can hold its ground. Despite strong institutional buying, which saw spot Bitcoin ETFs pull in a record $2.39 billion during the week of September 21-25, the price remains stuck in a tight range.
The rejection of the $85,000 level is a crucial technical question for Bitcoin's price action, as a breakdown below $82,000 could open the door to $75,000-$77,000 or even deeper drops to $65,000-$67,000. The current demand zone between $82,000 and $83,000 has consistently drawn buyers throughout September.
The daily RSI sits at 59.54, above neutral but short of overbought territory, while the MACD line remains above its signal line, a modestly bullish setup. However, momentum indicators suggest slowing pressure, and crypto analyst Benjamin Cowen noted that the current rally looks subdued compared with past cycles.