Bitcoin failed to regain $85,000 and gave up gains as U.S. Treasury yields climbed to multi-decade highs, pressuring stocks and precious metals. It rose to $84,540 after the U.S. stock market opened but fell below $83,600. Analysts pointed to thicker sell resistance near $85,000. Glassnode said long-term holder coins are concentrated around $84,000 to $85,000, and the price must break and hold above that level for the rally to continue.

Bitcoin’s short-term holders’ cost basis has risen above the cost basis of active long-term holders, a development seen as a confirmation signal of a move into a bull market, an analysis said. On-chain analyst Darkfost said the indicator supports a shift in market momentum. He said the signal is the fifth such case and may raise confidence in price action, though errors remain possible, and added that ETF inflows are supporting a very positive trend.