Bitcoin bulls are concerned about weakening institutional interest, but metrics hint at price support around $85,000. BTC futures open interest dropped to $42B, a 8-month low, due to leverage flushing. Precious metals like gold and silver hit all-time highs amidst US debt concerns. Bitcoin’s basis rate remains stable at 5%, showing slight bearish sentiment. Despite softer economic activity, Bitcoin maintains high-risk behavior. Decline in BTC open interest and outflows from ETFs don’t signal a bear market yet. Bulls are gaining confidence in a possible retest of $85,000 support level.

Read more at Cointelegraph: Is the BTC Price Headed to $85K?