Bitcoin Trades at $86,121, 31.5% Below October 2025 Record High

The striking feature is the divergence in timeframes: a positive week and month sit against a deeply negative year, suggesting the rebound from the June low is a recovery within a broader drawdown rather than a trend reversal. The gap to the record high remains the defining constraint on sentiment. What matters next is whether the monthly gains can be sustained as price approaches the levels where the yearly decline was set, or whether the move stalls into the same resistance that has capped it.