Bitcoin has retreated to approximately $80,000 after its summer rebound faded, with investors facing persistent selling pressure as the asset attempts to push toward $100,000. Holders who bought Bitcoin over the past two years have cost bases concentrated at $87,000 and above, creating overhead resistance that has twice capped rallies this year, each followed by a drawdown of at least 25%. The average cost basis of spot Bitcoin ETF holders sits near $81,500, meaning a sustained close below that level could shift the average ETF investor into unrealized loss territory and weaken on-chain support. Macro headwinds compound the pressure: weak performance in AI-themed stocks this month has weighed on Bitcoin given its high correlation with tech equities, while AI valuation concerns and debt risks add further downside risk. The market has yet to confirm the start of a new bull run, leaving the path higher dependent on macro conditions and sustained buying demand.