Bitcoin erases two-day gains after rejection near $85,000, testing $80,000 support

Bitcoin (BTC) slid about 4% to an intraday low of $81,652 on Bybit after rejecting near $85,000, with $80,000 identified as the next key test. Corporate Bitcoin treasuries hold BTC at an average cost basis of about $80,000, but monthly net purchases have shrunk significantly from 2025 peaks, and exchange stablecoin reserves have fallen to a one-year low. Short-term holders remain about 9% in profit with a realized price of $74,850 on October 21.