Bitcoin targets $83,450 after falling‑wedge breakout

Bitcoin rallied 4.5% on Sept. 3, reaching an intraday high of $81,370 and trading near $80,840. The move followed comments from Federal Reserve Governor Christopher Waller that could support holding rates steady if upcoming inflation data shows further cooling.

Technical outlook

The daily chart shows a falling‑wedge pattern that, if confirmed, could propel Bitcoin toward $83,450. The price must hold the $80,000–$81,400 region as support. A close above the $81,000–$82,500 resistance band would improve the odds of a push to $83,450 and potentially $85,000.

Momentum indicators

• Daily RSI: 72.31 (overbought territory)
• 20‑day SMA: $74,775
• 50‑day SMA: $68,489
• 200‑day SMA: $69,602

Short‑term volatility

The 4‑hour chart broke above the upper Bollinger Band at roughly $80,422, with the band width expanding to about 5,040, indicating heightened volatility. The next short‑term support lies near $80,400, while deeper support is around $76,000–$76,500.

Market dynamics

Liquidity heatmaps show short‑liquidation clusters between $78,000 and $80,500, suggesting forced buying contributed to the advance. The largest liquidity concentration above price sits near $81,300–$81,600; a clean break could target clusters around $82,000 and $84,000. Downside liquidity is clustered around $79,700, $78,000, and $76,400–$76,700.

Fundamental backdrop

Waller indicated the Fed could keep rates unchanged at the Sept. 15‑16 meeting if inflation eases, reducing the probability of a September hike. Treasury yields fell and the dollar weakened, creating a more supportive environment for Bitcoin.

Corporate demand added to the bullish narrative. Strive CEO Matt Cole signaled the potential to purchase over 20,000 BTC before year‑end, after the firm disclosed a recent acquisition of 1,800 BTC at an average price of $79,431. Capital B raised €7.6 million from Blockstream CEO Adam Back, earmarking funds for up to 376 additional BTC.