Data from TradingView shows Bitcoin briefly dipping to $87,600 on Coinbase, marking its lowest level in nearly two weeks. Although prices rebounded toward $89,000 shortly after, the sudden move reinforced a pattern of sharp weekend declines that traders have grown accustomed to in recent weeks.

Bitcoin Slides to Two-Week Low as Volatility Returns

The dip to $87,600 represents Bitcoin’s weakest price action since early December, when the asset was recovering from a deeper pullback toward $84,000. Despite the brief nature of the decline, the move unsettled short-term traders and triggered renewed discussions around downside risk.

Weekend volatility has become increasingly common, particularly during periods of thin liquidity. As a result, even modest selling pressure can push prices lower quickly before buyers step back in.

At the time of writing, Bitcoin had managed to reclaim ground above $89,000. However, traders remain cautious, watching whether the recovery can hold into the new trading week.

Saylor Signals Another Strategy Bitcoin Purchase

Amid the price drop, Michael Saylor posted a familiar message on X, writing “Back to More Orange Dots” alongside a portfolio chart. The phrase has become widely associated with Strategy’s Bitcoin accumulation strategy.

According to SaylorTracker data, Strategy’s most recent Bitcoin purchase occurred on Dec. 12, when the firm acquired 10,624 BTC. That transaction marked its largest buy since late July, reinforcing the company’s long-term conviction.

Strategy currently holds approximately 660,624 BTC, valued at around $58.5 billion based on current market prices. With an average acquisition cost of $74,696 per coin, the firm remains comfortably in profit despite recent market turbulence.

Japan Rate Expectations Fuel Selling Pressure Debate

Some analysts believe the renewed selling pressure may be linked to expectations surrounding the Bank of Japan’s upcoming interest rate decision. Market participants are increasingly focused on Japan’s role in global liquidity conditions.

Analyst NoLimit warned that Japan’s previous rate hikes have coincided with sharp Bitcoin corrections. They highlighted Japan’s position as the largest holder of U.S. debt, suggesting that shifts in its monetary policy can ripple across global risk assets.

Polymarket data currently assigns a 98% probability to a 0.25% rate hike by the Bank of Japan later this week. This expectation has fueled concerns about a potential carry trade unwind.

However, not all analysts agree. Sykodelic argued that markets have already priced in Japan’s move, emphasizing that prices tend to react ahead of known events rather than after they occur.

Justin d’Anethan of Arctic Digital echoed this view, suggesting Bitcoin may remain range-bound between $80,000 and $100,000. According to d’Anethan, traders are now waiting for a stronger catalyst to break the current consolidation phase.

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Key Support Zones Under Pressure

According to technical analysis, Bitcoin needs to hold above 106,506$ to maintain bullish momentum. The zone between 105,954$ – 105,368$ is particularly important for continued upside. A breakdown from this range could open the door to a deeper retracement.

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Analysts warn that in the event of further downside, BTC may revisit the 102,459$ – 101,666$ support zone, which could act as a potential reversal area.

Strategic Caution for Traders

Traders are advised to be vigilant during these volatile conditions. Employing stop-loss strategies and closely monitoring price action are essential in protecting capital.

With Bitcoin, post-correction recoveries are not uncommon, but staying informed with both technical and on-chain data remains key for making sound decisions.

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The post Bitcoin Sees Sharp Correction: Key Support Levels in Play appeared first on Coin Engineer.

Following a general sell-off during the Wall Street open the previous day, BTC/USD has entered a period of stabilization with the 21-day moving average (SMA) remaining as support. “Losing the 21-Day MA is not good, but closing above the 50-Week MA is much more important to me,” Keith Alan, co-founder of trading resource Material Indicators, warned on the X platform during the US trading session.

At the time of writing, the 21-day SMA was at $57,858, while the 50-week SMA was at $53,945. Meanwhile, popular investor Jelle noted that the 50-week exponential moving average (EMA) continues to act as market support, as it has for the past 20 months of the Bitcoin bull market. “The bull market summer swings have become regular,” he told his followers. “The previous two swings both ended with new highs in the third week of October. If the same scenario happens this time, we are less than a month away from new highs.”

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Jelle reiterated the theory, also voiced by crypto investor and analyst Michaël van de Poppe, that Bitcoin will return to price discovery next month. However, analyst Josh Rager noted that it is too early to be optimistic about Bitcoin’s price performance.

Rager, in his assessment of the daily timeframes, said, “People are pointing to the first ‘high-low’ level on the BTC chart. But people were saying the same thing in June,” he said. “Then Bitcoin got rejected from the midline of the trend and made a new low.” The chart shared showed the existence of a downward sloping channel since the last peak recorded in March, with regular lower highs and lows forming. “I’m not saying there will be a new low here, but it’s too early to say it’s a bottom. The price got rejected again,” he added.

Crypto market sentiment takes a hit Bitcoin’s volatile price action has led to a relapse in the overall crypto market sentiment. According to the latest data from the Crypto Fear & Greed Index, the index fell to 33/100 on September 17, a 17-point drop in just two days. This drop caused the market sentiment to shift from “neutral” to “fear” following a 4% decline in Bitcoin price.

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The post Bitcoin Investors Say It’s ‘Too Early’ to Say BTC Price Bottomed appeared first on Coin Engineer.