Why is Bitcoin price stuck below $85,000?

Bitcoin price has recovered above $84,000 on October 12, but weakening institutional demand, elevated Treasury yields and resistance near $85,000 have continued to limit its gains. Bitcoin has recovered above $84,000 but continues to face resistance near $85,000 after several failed attempts to break $87,000. US spot Bitcoin ETF withdrawals and elevated Treasury yields have weighed on demand, although fund flows improved slightly on Friday. Bitcoin remains above its major daily moving averages, with Aroon Up at 71.43% indicating that buyers retain an advantage.

Source: crypto.news