Bitcoin's $87K Break Falters as Short-Term Holder Profits Surge
Bitcoin's recent pullback has been attributed to a failed attempt to break the $87,100 resistance level, which has capped its recovery. The price of BTC fell nearly 4% to around $83,800 as selling intensified, but managed to stop above the $82,900-$83,000 range floor, keeping the broader recovery structure intact.
The Relative Strength Index (RSI) has fallen from near overbought levels to 52, indicating that the September rally has lost momentum rather than fully reversing.
At present, BTC is testing whether it will be possible for buying interest to hold the cost basis zone near $84,000, $86,500. Maintaining this zone may create conditions favorable for another test of resistance, but losing $83,000 would weaken the recovery and expose $80,000, increasing downside pressure.