Bitcoin slipped to approximately $83,450 on September 25 after climbing above $87,000 earlier in the week, entering a narrower trading band. The pullback coincides with traders weighing a quarterly options expiry against rising U.S. Treasury yields. The daily chart recorded a 1.1% decline, with price settling near $83,476. The 4-hour MACD line fell below its signal line, marking the first bearish signal on that timeframe since the recent rally from $76,000. CoinGlass’s three-day liquidation heatmap highlighted clusters near $83,300 and above $85,000, indicating concentrations of leveraged positions. Dan Khus, chief analyst at LVRG Research, noted that Treasury yields, ETF flows, and oil prices remain key variables under observation. He observed that Bitcoin and Ether held support as the 10-year yield eased toward 5.19% following a 30-basis-point increase. The Federal Reserve’s September 16 rate hike to 3.75%–4.00% continues to influence market expectations, with Khus emphasizing that October tightening odds remain above 70%. Oil market developments tied to the U.S.-Iran conflict could further shape inflation expectations and monetary policy outlooks. Bitcoin’s daily relative strength index stood at 62.03, down from peak levels but still above neutral. The price held above the 20-day Bollinger Band midpoint of $79,951 despite retreating from an upper band near $86,724. On the 4-hour chart, price opened at $84,583, dipped to $83,183, and traded close to $83,454. The MACD histogram registered minus 300.59, reflecting weakening short-term momentum after the advance toward $87,000. The Awesome Oscillator remained positive at 154.98, though its bars narrowed toward zero. Trader Ardi identified $83,000 as a key support zone and former May high, warning that a breach could expose $81,000. Conversely, reclaiming $85,200 might reignite tests of the $87,000 peak. Daan Crypto Trades highlighted the $83,500–$85,000 range as Bitcoin’s consolidation zone over the prior two days, suggesting a breakout could trigger the next directional move. The heatmap’s liquidation bands align with these technical levels, though they do not predict direction. ETF flow data from Farside Investors tracked net subscriptions and redemptions, with Khus citing sustained inflows as a potential absorber of weekend options expiry pressure. The next critical test involves holding the $83,000–$83,500 range; a drop below could shift focus to lower liquidation clusters and Ardi’s $81,000 target. An extended move above $85,000–$85,200 would reactivate interest in the $87,000 resistance area. Technical indicators currently suggest range-bound trading until clearer signals emerge from macro developments or settlement activity.