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Bitcoin price dips below $85K after rally driven by short covering loses steam

Technical Signals
23 Sep 2026
Crypto news
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Neutral
Bitcoin price dips below $85K after rally driven by short covering loses steam

Bitcoin's price fell from a high near $87,279 to about $84,344 on September 23, following a rally largely fueled by traders closing short positions rather than new buying. The drop brought Bitcoin below key technical levels, with support around $83,593 now tested. Analysts note that while regulatory and macroeconomic factors provide some support, the recent surge was mainly due to short covering, raising questions about the sustainability of the rally. US spot Bitcoin ETFs saw nearly $1 billion inflows on September 21, offering a potential gauge of ongoing demand as the market watches whether buyers can defend recent gains.

Bitcoin price movements provide context for cryptocurrency trends on Pluang. As of Sep 23, 2026 22:05 WIB, 14 of 50 major cryptocurrencies rose while 35 fell. Notable gainers include BAL at Rp16.297 (+11.14%), GRT at Rp469 (+10.50%) with a 45% Sell / 55% Buy order split, and EOS at Rp12.649 (+8.13%).

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