Bitcoin spiked briefly to near $84,000 early Wednesday but retreated within the hour, settling around $83,200 and down 0.5% on the day. The cryptocurrency remains range-bound between its 50-day moving average near $81,000 and resistance at $84,000.
The 50-day moving average, which represents bitcoin's average closing price over the past 50 days, is closely watched by traders as an indicator of medium-term trend direction. Buyers defended the level on Tuesday when bitcoin touched near $81,000, but have not yet succeeded in pushing through the $84,000 ceiling.
Altcoin performance was mixed, with ZEC and TRX among the few gainers, rising about 1%. Solana fell 1.4% and ether slipped 1% to just under $2,500, while HYPE declined 2% to approximately $81.
According to FxPro's chief market analyst Alex Kuptsikevich, bitcoin's movement is closely tied to how institutions assess risk in the broader market. "Bitcoin trades close to the Nasdaq 100 in how institutions rank risk, and the latter's caution is preventing Bitcoin from spreading its wings," Kuptsikevich said. Nasdaq 100 futures were little changed Wednesday.
Market focus remained on the September U.S. inflation report due later in the day, with forecasts pointing to a slowdown in underlying prices. A daily close above $84,000 would signal that buyers have broken out of the current trading range.
