Bitcoin: Trades Below $83k After September Breakout Undo

Bitcoin trades just below $83k after a mid-week slide briefly undid the September breakout. Perpetual traders and ETF holders led the selling, while new capital kept arriving on-chain and profitability stays stretched, according to Glassnode.

Price action on the 4h chart places Bitcoin at $82885.45 inside the Bollinger bands, with the upper resistance at $84045.15 capping upside and the lower support at $82178.01 defining downside risk. The bearish trend structure keeps the EMA50 at $83533.7 acting as immediate resistance above current levels, while the EMA200 at $82297.4 offers deeper support. Neutral RSI at 45.16 combined with the MACD golden cross at -42.36 suggests momentum is shifting but lacks conviction for an immediate breakout.