Bitcoin remained under pressure on Wednesday, briefly trading below $84,000 as increased profit-taking and less supportive macroeconomic conditions slowed its bullish momentum.
BTC changed hands around $84,151, dropping below the immediate support at $85,000 after struggling to regain its recent high near $87,000.
Institutional signals were mixed. US spot Bitcoin exchange-traded funds recorded modest withdrawals on Monday, while Strategy continued adding Bitcoin to its corporate treasury.
Meanwhile, rising Treasury yields and a stronger US dollar presented additional obstacles to a sustained recovery.
Bitcoin ETF outflows contrast with Strategy’s latest purchase
US spot Bitcoin ETFs registered $89.90 million in net outflows on Monday, followed by another $3 million on Tuesday, according to SoSoValue.
The withdrawals suggest a cautious start to the week among ETF investors. The two negative sessions do not establish a lasting shift in demand, but further outflows could add pressure as Bitcoin attempts to stabilize.
Corporate buying offered a more supportive signal. Strategy executive chairman Michael Saylor announced Monday that the company acquired another 334 BTC last week.
The purchase followed weekly additions of 1,665 BTC and 950 BTC, extending Strategy’s buying streak to three weeks. Its total Bitcoin holdings now stand at 848,000 BTC, alongside a reported $5.70 billion in US dollar reserves.
Strategy’s continued accumulation points to persistent corporate demand, although it does not eliminate the near-term pressure from ETF withdrawals and profit-taking.
The US 10-year Treasury yield climbed to approximately 5.35% on Monday, described in the supplied report as a fresh two-decade high, before holding near 5.28%.
Higher yields can make fixed-income investments more attractive and raise the opportunity cost of holding assets such as Bitcoin, which does not generate a contractual yield.
The US Dollar Index also strengthened, reaching an intraday high of 102.53 on Monday. The report places that reading at its highest level since early April 2025.
The reduced expectations for an October rate hike, institutional purchases, and projects connecting blockchain with traditional finance were providing support for cryptocurrencies.
However, elevated yields, dollar strength, and persistent inflationary pressures continued to weigh on sentiment, resulting in Bitcoin losing the key $85,000 support level.
A more durable recovery would require sustained demand and broader participation across the crypto market.
Santiment’s Network Realized Profit/Loss metric surged on Tuesday to its highest reading since November 23, 2025.
The increase indicates that coins moving onchain were realizing substantial gains relative to their previous transfer values.
That pattern is consistent with increased profit-taking following Bitcoin’s recent advance.
Although realized gains do not establish that every onchain transfer represents an exchange sale, the spike adds to evidence that holders are taking profits near current levels.
For Bitcoin to resume its advance, incoming demand will need to absorb that activity alongside any further ETF withdrawals.
Bitcoin technical outlook: Bears target the $82,538 support level
Despite the pullback, Bitcoin remained above its key daily exponential moving averages, preserving a constructive broader technical structure.
The 50-day EMA stood at $79,430, while the 100-day and 200-day EMAs were positioned at $75,565 and $75,056.
The Relative Strength Index is near 56, indicating positive momentum but dropping towards the neutral region.
Furthermore, the reported negative MACD histogram suggested that momentum had softened.
With the $85,000 support level, the bulls would now need to support the next key support at $82,538 in the near term.
Holding that level would help Bitcoin stabilize and potentially make another attempt at the recent $87,000 high.
A sustained break below $82,538 would increase the risk of a deeper pullback, with the 50-day EMA at $79,430 serving as the next significant technical reference.
Below that, the closely grouped 100-day and 200-day EMAs provide a further support zone.
More distant horizontal levels at $66,500 and $62,300 remain longer-term reference points. For now, Bitcoin’s near-term direction hinges on whether buyers can defend $82,538 as profit-taking and macroeconomic pressure persist.
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