Bitcoin price targets $83,450 after falling wedge breakout

Bitcoin price extended its recovery above $80,000 on Sept. 3 after Federal Reserve Governor Christopher Waller cooled expectations for a September rate hike, while the charts showed strong momentum approaching a critical resistance zone.

According to data from crypto.news, Bitcoin (BTC) price was trading near $80,840 at the time of writing, up approximately 4.5% from its daily opening price of $77,340. The asset traded between $76,968 and $81,370 during the session, according to the supplied Binance chart.

The move reversed much of the weakness seen earlier in the week and returned Bitcoin to the resistance area that stopped its August rally. Buyers must now turn the $80,000–$81,400 region into support to confirm that the breakout can continue.

Waller comments cool September rate hike expectations

Bitcoin accelerated higher after Waller said he was inclined to keep interest rates unchanged at the Federal Reserve’s Sept. 15–16 meeting if incoming inflation data confirms that price pressures are easing.

Waller did not rule out another increase. He said a hike could still be appropriate if inflation accelerates, making the Aug. consumer price index report due Sept. 11 an important input for the decision.

Interest-rate futures reduced the probability of a September increase following his comments, while two-year and ten-year Treasury yields declined. The dollar also weakened, creating a more supportive environment for Bitcoin and other assets sensitive to U.S. liquidity conditions.

Corporate demand provided additional support to the broader Bitcoin narrative. Strive CEO Matt Cole said the company could purchase more than 20,000 BTC before year-end, although the comment describes a potential acquisition rather than a completed or formally committed purchase.

Strive disclosed earlier this week that it had bought 1,800 BTC at an average price of $79,431, lifting its holdings to 23,156 BTC.

France-listed Capital B separately raised €7.6 million from Blockstream CEO Adam Back through a private placement. The company said the net proceeds could fund the acquisition of up to 376 additional BTC.

Bitcoin price reaches a major daily resistance zone

The daily chart shows Bitcoin retesting the area between $81,000 and $82,500, which capped several advances in May and August. A daily close above that band would improve the chances of a move toward $83,450 and then $85,000.

Bitcoin price daily chart — Sep. 3 | Source: crypto.news

Analyst Franklin said Bitcoin was testing a falling-wedge breakout and identified $83,450 as the next level to watch if buyers defend the breakout. Falling wedges can precede upside moves, but the target remains conditional until price closes above nearby resistance.

Momentum has strengthened quickly. The daily relative strength index stands at 72.31, above the 70 level normally associated with overbought conditions. Its moving average is even higher at 75.50.

An overbought RSI does not guarantee an immediate reversal, especially during a strong breakout. However, it raises the risk of profit-taking if Bitcoin fails to establish support above $80,000.

BTC remains well above all four moving averages shown on the daily chart. The 20-day simple moving average sits at $74,775, followed by the 50-day at $68,489, the 200-day at $69,602, and the 100-day at $66,334.

The rising 20-day average gives bulls a clear medium-term advantage. Still, the large gap between the price and that average shows how far Bitcoin has moved in a short period.

4-hour Bollinger Bands signal rising volatility

The 4-hour chart shows Bitcoin breaking above the upper Bollinger Band at approximately $80,422, with the price near $80,845. The middle band lies at $78,174, while the lower band sits near $75,927.

Bitcoin price 4-hour chart — Sep. 3 | Source: crypto.news

Trading above the upper band confirms strong upside pressure, but it can also indicate that price is temporarily stretched. The Bollinger Band width reading has expanded to about 5,040, reflecting a sharp increase in volatility.

The $80,400 area is therefore the first short-term level buyers need to protect. A successful retest could allow BTC to challenge $81,370 again before attempting a move toward $82,000 and $83,450.

Failure to hold the breakout would place the 4-hour middle band near $78,175 back in focus. Below it, the $76,000–$76,500 region represents a deeper support area and sits close to both the lower Bollinger Band and the session’s earlier low.

Liquidation map puts $81,500 in focus

CoinGlass’ 24-hour liquidation heatmap shows that Bitcoin climbed through several short-liquidation clusters between $78,000 and $80,500. Forced buying from traders closing bearish positions may have increased the speed of the advance.

Bitcoin liquidation chart | Source: CoinGlass

The largest nearby liquidity concentration above the market appears around $81,300–$81,600. A clean break through that zone could draw price toward smaller clusters near $82,000 and $84,000.

Downside liquidity remains concentrated around $79,700, $78,000, and $76,400–$76,700. If buyers lose $80,000, those clusters could attract price during a pullback.

Bitcoin’s next move will depend on whether spot demand can sustain the rally after the initial short squeeze. A close above $81,400 would strengthen the bullish breakout case, while rejection followed by a loss of $80,000 would leave the market vulnerable to a return toward $78,200.