Your bases are correct, but you have to start to wonder about the strength of that 85 base after all that consolidation.. Let me explain:

on the 23rd it gave a solid bounce from 85 to 105ish.. thats really strong, and makes for a good base.. it would be very surprising to everyone if that support did not hold in a future retest.. Then on the 27th it retested and held, and caused a bounce from 85 to 96ish.. (smaller bounce, less conviction)... then the next day it restested 85s again and bounced to 90s (smaller bounce, less conviction) then for the next day or two it played around 85s... So after all that weakening, who is surprised that it cracked below 85?? Like, who was not expecting that?? it was getting weaker and weaker..
Well, there will always be a few novice players that get surprised and that will maybe cause a little panic, and it did .. all the way to 65s but then it bounced only to 80s again and not to its 85 base, and that does not surprise me, because that 85 base was pretty well played out..

I just gave you a long rant/explaination to help you to see why it may not return to the 85s : because for most big players, they could see that 85 was about to crack and therefore they were not caught in trades, they didnt have to panic, most of the crowd was not surprised by that crack.