Bitcoin Pulls Back After Failing to Break Through $87K

Bitcoin's price has pulled back to around $84,300 after briefly reaching $87,000 on September 23. The rejection from above $87,000 triggered a wave of leveraged long liquidations, which accelerated the decline to an intraday low near $83,508.

The broader recovery remains intact as long as Bitcoin holds above the $80,000 to $82,000 area. However, the failed move through $87,000 indicates that the $86,000 to $90,000 region is now the main test for the cryptocurrency.

A sustained breakout above $89,000 to $90,300 would strengthen the case for another leg higher, while a drop to $80,000 could send BTC back toward $75,000 to $78,000. The next major supply zone sits around $88,000 to $90,000, where several onchain holder cost bases overlap.

CryptoQuant's data shows that the upper profit-taking band for Bitcoin's one-to-three-month holder cohort is near $90,300. As BTC approaches this level, some short-term holders may begin realizing gains, potentially adding selling pressure to the market.