Bitcoin slipped toward $83,000 on Sept. 28, as rising oil prices, elevated U.S. Treasury yields, and a firmer dollar outweighed continued inflows into spot Bitcoin exchange-traded funds. The cryptocurrency spent most of the weekend between $84,000 and $85,000 before drifting lower during Monday's Asian session.
Data from CoinGecko showed Bitcoin trading near $83,340, down roughly 1.2% over the past 24 hours. The asset had climbed above $87,000 earlier in the week but failed to hold that level, with sellers pushing it back below $86,000 before the decline accelerated on Sept. 24.
Macro pressures have intensified. Oil prices moved higher after tensions between the U.S. and Iran deteriorated over the weekend. Brent crude rose about 1.5% to 1.6% toward $106 per barrel after President Donald Trump rejected Iran's latest proposal concerning the reopening of the Strait of Hormuz. The waterway carries roughly 20% of global oil supply, keeping energy costs and inflation risks in focus.
U.S. Treasury yields remained elevated, with the 10-year yield around 5.2% and the 30-year yield near 5.52% during the Asian session. Higher yields tighten financial conditions and increase the return on government debt, drawing capital away from risk assets like Bitcoin.
Federal Reserve officials have maintained a hawkish stance. St. Louis Fed President Alberto Musalem said last week that more rate increases would likely be needed to contain inflation, with the Fed's preferred inflation measure rising to 3.7% in July. Market pricing reflects similar expectations: traders assigned roughly a 66% probability to another rate increase in October, with close to 90 basis points of further tightening priced through late 2027.
The dollar has strengthened alongside those expectations. The dollar index stood around 101.15 on Monday, near a two-month high and on track for a roughly 1.7% gain in September.
Bitcoin's drop through $84,000 triggered some leveraged selling. Derivatives data showed long positions being liquidated around $83,200 to $83,500, including an $844,000 Hyperliquid position near $83,479. Individual liquidations remained small compared with larger events seen during sharper moves.
Despite the price decline, U.S. spot Bitcoin ETFs continued to attract fresh capital. The funds recorded roughly $2.39 billion in net inflows during the five trading sessions through Sept. 25, according to SoSoValue data. Monday accounted for $999 million, followed by $714.7 million on Tuesday, $347 million on Wednesday, $190.6 million on Thursday, and $134.5 million on Friday. Friday extended the positive run to seven consecutive sessions, during which the funds attracted close to $3 billion. However, daily inflows have fallen each session since Monday's peak, suggesting ETF buying has slowed even as net inflows persist.
Technical Picture
Bitcoin's daily chart shows price holding above the breakout area established earlier in September, but buying momentum has weakened since BTC reached $87,000. The Directional Movement Index still favors buyers, with the positive directional indicator at 33.98 versus the negative at 15.90, and the Average Directional Index remains high at 43.31. An ADX above 25 typically signals a well-established trend, but +DI has fallen from its recent peak as Bitcoin retreated.
The gap between +DI and −DI means the larger daily trend has not yet flipped bearish. A continued decline in +DI alongside a rise in −DI would weaken that structure, particularly if BTC loses support around $82,000 to $83,000. On Balance Volume has flattened after rising during September's breakout, slipping from its local high while BTC fell, indicating volume has not confirmed another push toward the recent high.
On the 4-hour chart, immediate support sits at $82,873, the low used for the latest Fibonacci range. Bitcoin is trading only slightly above that level after falling below the 23.6% retracement at $83,935. Chaikin Money Flow has dropped to roughly −0.06, moving below zero during the latest selloff, indicating selling volume has outweighed buying volume over its calculation period.
A 4-hour close below $82,873 would break the bottom of the current Fibonacci range. The next visible price area sits around $81,000 to $82,000, followed by the previous breakout region around $80,000 if sellers continue to push BTC lower. To move back inside the Fibonacci range, Bitcoin would first need to reclaim $83,935. Above it, the 38.2% level at $84,591 and 50% retracement at $85,123 form the next resistance levels. A move through $85,123 would bring $85,654, the 61.8% retracement, back into focus. The 78.6% level sits near $86,411, followed by the recent swing high around $87,374.
This article is for informational purposes only and does not constitute financial advice.
