The cache is not at the posted coordinates.
Here's how I define a two-bit word.
It is a word that can be readily associated with a number, and that number is either odd (1) or even (0).
The letter count of that word is either odd (1) or even (0). Here are a few examples:
Wilson - 6 letters = 0, 28th president = 0
Ohio - 4 letters = 0, 17th state admitted = 1
two - 3 letters = 1, 2 is even = 0
zero eight five nine
February July November September
Ag Au U Cl
beta theta sigma mu
yellow blue green grey
Taurus Gemini Aquarius Pisces
lima papa romeo hotel
amethyst pearl garnet diamond

Congratulations to first solver CinciChewbacca and first finder AliceInDilbertland.