Bitcoin Traders Eye Key Support at $83K as BTC Holds Steady
Bitcoin is currently trading at around $83,500 after failing to hold above $85,000. This pullback has put BTC back near the lower end of its recent consolidation range.
The immediate support zone for Bitcoin now sits between $83,000 and $83,400, with levels below that being $82,000 and $80,000.
On the upside, Bitcoin still needs to reclaim $85,500 before the September high near $87,400 becomes relevant again. However, the broader trend remains intact for now, despite short-term momentum weakening.
The combination of profit-taking and rising US Treasury yields is limiting Bitcoin's upside, but exchange-traded fund (ETF) inflows continue to support the market. If ETF inflows accelerate while BTC holds above $83,000, they could help absorb the supply currently limiting upside.