Bitcoin is trading near $86,606.99 as of September 23, up 0.47%, and remains bullish above the crucial $84,000 support after breaking out from a cup and handle pattern that has been forming since May. The pattern followed a decline from the May high near $87,000 to a July low near $58,000 before recovering, and its measured move projects a target near $120,000 based on a cup depth of roughly $34,054.80.
According to the analysis, BTC is on pace for its first July-August-September winning streak since 2012, a period that preceded a historic 2,000% rally. Additionally, US and Iran held a three-hour UN meeting, with former President Trump describing the talks as “very good”, which may be easing geopolitical concerns.
However, the rebound hit a setback by September 24. After reaching roughly $87,300 during the past week, Bitcoin traded near $83,700 at the time of the latest check. The immediate question is whether BTC can hold its regained ground. U.S. spot Bitcoin ETFs drew $346.9 million on September 23, marking their fifth consecutive session of net inflows, although the daily amount fell from $714.7 million on September 22. ETF buying can support the market but cannot set the price on its own, as Bitcoin fell while the inflow streak continued, indicating selling pressure elsewhere was strong enough to outweigh the demand.
To confirm the rebound, Bitcoin would first need to reclaim the $85,000–$86,000 area. A sustained move above $87,300 would strengthen the case for another test of $90,000. A brief spike followed by another reversal would be a weaker signal. If BTC fails around $83,000, the next broad psychological level to watch is $80,000, followed by the wider selloff low near $76,200.
The pullback does not settle whether Bitcoin’s 2026 rally is over. BTC rebounded sharply from below $77,000 last week, shaping the broader 2026 price outlook. For now, recovering $87,300 would revive the breakout case, while losing $83,000 would shift attention toward a deeper retracement.
