Bitcoin fails to settle at $80,000... Magallon, possibility of selling risk assets

Bitcoin briefly reclaimed $80,000 following the U.S. midterm elections but failed to hold the level, prompting Bloomberg Intelligence senior commodity strategist Mike McGlone to warn that a sustained break below $80,000 could trigger a broader sell-off across risk assets. McGlone noted on X that $80,000 has been the price zone where most bitcoin trading has concentrated since 2024, making it a resistance level that may cap any November rally. He contrasted bitcoin’s roughly 6% decline in 2025 with a roughly 20% gain in the QQQ Nasdaq-100 ETF over the same period, highlighting bitcoin’s relative underperformance against tech equities. The warning matters because bitcoin’s failure to establish a base above $80,000 could signal weakening risk appetite that spills into equities and other speculative assets. Traders will watch whether BTC can reclaim and hold $80,000, with a decisive break lower likely to reinforce McGlone’s risk-off thesis.