Bitcoin outperforms S&P 500 but struggles to hold above $85,000 amid fading ETF demand and holder supply

Bitcoin has recently outperformed the S&P 500 on more trading days than not in October, reversing a weak June performance. However, the price repeatedly fails to hold above $85,000, with on-chain data citing 12 factors including fading ETF demand, as most October inflows have already left, and heavy supply from long-term holders owning 4 million BTC bought between $85,000 and $118,000. The $84,000 to $85,000 band acts as a resistance cap, while the $78,000 to $79,000 area offers support. The Fed's October 28 rate decision and levels like $81,500 and $85,000 are key for the next move.