Already posted I think it a head gasket. Cold it should hold pressure. Starting the engine with the tester installed and then letting pressure gauge max out is a terrible idea. You could blow a lot of things with that much pressure.
If it's loosing pressure cold, the you tell me where that pressure is going in a sealed system. I've already told you where I think it is going and that you will not be absolutely certain until you visually inspect the head gasket.
I can smell the coolant from a leaking head gaskt following the car on the highway, smells kind of sweet.
regards
mech
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