Bitcoin
Bitcoin Erases Recent Gains After Rejection at $85,000 Puts Focus on Key Support
Bitcoin slid 4% to an intraday low of $81,652, placing attention on the $80,000 corporate cost basis as momentum slows.
Bitcoin retreated to an intraday low of $81,652 on Bybit, giving up two days of gains following a rejection near $85,000. On-chain metrics and price levels have made $80,000 a key threshold to monitor for market participants.
According to Glassnode, corporate Bitcoin treasuries hold their reserves at an average cost basis of approximately $80,000. While the price has remained above this mark since September 18, corporate treasury purchases have cooled significantly to a few thousand BTC per month, well below 2025 levels. Meanwhile, stablecoin reserves on exchanges have reached a one-year low, signaling reduced dry powder available to drive immediate buying activity.
Lower support remains anchored by the short-term holder realized price, which stood at $74,850 on October 21, leaving recent buyers with an average profit margin of about 9%. While the weekly candle shifted red after BTC failed to hold $84,500, analyst Ted Pillows pointed out that the price continues to trade above its 50-day simple and exponential moving averages.
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