Bitcoin stalls below $85,000 as long-term holders cap rally

The notable signal here is that the ceiling is coming from long-term holders rather than a broad risk-off flush, which reframes this as supply management into strength instead of capitulation. The bond-yield backdrop matters because it pressures equities and metals simultaneously, so bitcoin is not moving in isolation — it is trading against a repricing of the risk-free rate. Whether long-term holder distribution continues at this level is the open question; if it does, rallies stay capped regardless of sentiment elsewhere.