Bitcoin's price has come under pressure and retreated to the $83,000 mark. Although ETF demand continues to pour in, the market's core conflict has shifted from simple capital inflows to a bull-bear struggle under macro pressure.
In a podcast with Bloomberg strategist Mike McGlone, former CoinRoutes CEO Dave Weisberger, and former Coinbase (COIN.US) executive David Duong, Scott Melker analyzed that although spot Bitcoin ETFs (IBIT.US) recorded their strongest weekly performance since October 2025, the price has not risen as a result.
Data compiled by Woofun AI shows that investors at the breakeven point are taking profits, preventing strong buying from immediately pushing the coin price higher. Bitcoin has now recovered to the $81,000 to $82,000 range, which represents the average cost basis for ETF investors and is regarded as a key accumulation zone. If the $82,800 breakout level can maintain its supporting role, this decline can be characterized as a normal pullback.
The more critical variable lies in macro systemic risk. McGlone warned that if the stock market experiences a significant correction, cryptocurrencies will face a knock-on impact. Currently, yields on bonds issued by the U.S. Treasury have climbed to multi-decade highs, and combined with the Federal Reserve's continued tightening of monetary policy, the opportunity cost of holding non-yielding assets has risen significantly, further suppressing risk appetite.
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