*BTC UPDATE - 30 Sept | Price: $83,797*
*Market Overview:*
Bitcoin is consolidating after falling from the recent high of $87,400 on Sept 21. Currently trading near $83,797, just above the strong support zone. The 20-day SMA at $80,944 is still holding, so the larger uptrend is intact.
*Key Technical Levels:*
Support: $82,620 - $83,000 (First strong zone)
Resistance 1: $84,200 (Middle Bollinger Band)
Resistance 2: $85,200
Major Resistance: $87,400 (Recent High)
*Indicators:*
ADX: 12.39 = Weak trend, momentum lost. Market is in wait-and-see mode.
Turnover: 2.4% ($39.6B volume / $1.67T market cap) = Low conviction, both buyers and sellers are cautious.
RSI: Around 62-65 = Neutral bullish.
*Fundamentals:*
- US Spot Bitcoin ETFs: 8 consecutive days of inflows. $31.07M on Sept 28, but down from $998M peak.
- Strategy (MicroStrategy) bought 1,665 BTC for $142.7M at $85,681 avg.
- US Treasury yields rising = pressure on risk assets including BTC.
- PCE inflation data today will drive volatility.
*My Outlook:*
Bullish Sideways. Expect range $82.6K - $84.2K in short term.
Bullish scenario: Daily close above $84,200 opens $86K then $87.4K.
Bearish scenario: Break below $82,620 will test $80K.
This is not financial advice. Do your own research.
#BTC #Bitcoin #BTCUSDT.
