Bitcoin Price Erases Two-Day Gains After $85,000 Rejection: Will it Fall to $80,000?

Bitcoin erased two days of gains after failing near $85,000, falling about 4% to an intraday low of $81,652 on Bybit. Corporate bitcoin treasuries hold coins at an average cost near $80,000, according to Glassnode, and the price has stayed above that level since September 18, but monthly net purchases have fallen to a few thousand BTC. Exchange stablecoin reserves have reached a one-year low, and Glassnode said a move below $80,000 would put those treasuries underwater. On October 21, Glassnode put the average cost basis for recently acquired coins at $74,850; analyst Ted Pillows said Bitcoin remained above its 50-day averages although the weekly candle turned red after it failed to hold $84,500.