After falling at the beginning of this week, Bitcoin has been consolidating, while maintaining a support area that is considered to "define the trend."
On Tuesday, Bitcoin ( BTC ) continued to maintain its key support levels, and analysts warned that the market might see a new round of profit-taking.
Key points:
- Bitcoin rebounded to $84,000 and did not fall below $82,500; the latter level is considered crucial for maintaining a strong market.
- The yield on 30-year U.S. Treasury bonds rose to 5.58%, reaching the highest level since June 2002, continuing the historic bear market in bonds.
- Glassnode analysis indicates that as of the week ending September 27th, Bitcoin investors continued to realize profits and close their positions.
Bitcoin stabilizes after falling from multi-year highs
TradingView data shows that BTC / USD is fluctuating within a narrow range below $84,300.
BTC / USD One-hour chart. Source: Cointelegraph / TradingView
On Monday, affected by the war between the United States and Iran and the related uncertainties in global oil supply, risky assets came under pressure, while bond yields soared. The yield on 30-year U.S. Treasury bonds briefly rose to 5.58%, hitting a new high since June 2002, before falling back to 5.55%. The yield on 10-year Treasury bonds rose to 5.26%, marking the first time this level has been seen since June 2007.
One-month chart of U.S. 30-year Treasury yield. Source: Cointelegraph / TradingView
Trading firm QCP Capital stated in its latest analysis: 'Bitcoin's recent technical strength is facing potential pressures from geopolitical uncertainties, macroeconomic data risks, and widespread deleveraging.'
QCP believes that the progress of the war, as well as the US macroeconomic data to be released this week, are the main potential catalysts for volatility in cryptocurrencies and risky assets in the short term. This includes the Personal Consumption Expenditure (PCE) index for August, which was released on Wednesday ( PCE ), as well as the non-farm payroll data for September, which will be released on Friday.
However, Bitcoin did not fall below $82,500. Analyst Rekt Capital believes that this level is crucial for protecting the upward trend. Cointelegraph previously reported that, from a weekly time frame perspective, the spot price is still repeating an inverted head and shoulders reversal pattern, which began during its recovery phase after the bear market in 2022.
In subsequent updates, Rekt Capital believes that BTC / USD are retesting the upper range of $60,000 to $80,000, while Bitcoin has been trading within this range for most of 2026.
He emphasized, "It is fair to say that this retest is a test that will define the trend."
BTC / USD Weekly chart. Source: Rekt Capital on X.com
Analysis: Bitcoin is now "dominated by profit-taking"
Over the past week, both realized and unrealized profits have increased significantly, and the overall profitability has been "stretched" at the current price level. Net unrealized profit and loss ( NUPL ) is used to measure the difference between the market value of BTC supply and its last on-chain transfer price. This indicator rose to 14.25 at the beginning of this week, reaching the highest level since January.
Bitcoin NUPL data (screenshot). Source: Glassnode
The ratio of coins that are in a profitable state to those that are in a loss-making state on the blockchain also increased significantly last week, rising from 0.8 to 1.4. Glassnode warns that this “strongly indicates that the market environment is dominated by profit-taking activities.”
Bitcoin has achieved a profit-loss ratio (screenshot). Source: Glassnode
Previously, Cointelegraph reported that as investors lock in their profits, the upside for prices may stagnate near $90,000.
