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Here is the cost basis picture for $BTC right now: Short Term Holders are sitting at 68K $BTC Spot is trading at 65K Long Term Holders are sitting at 49K What does that tell us. Price is currently below the average entry for people who bought in the last few months. Those STHs are underwater. That usually creates pressure because new buyers get impatient and weak hands fold first. But zoom out. We are still well above the average entry for Long Term Holders at 49K. The conviction crowd is sitting on solid profits and they are not the ones selling. So we have short term pain, long term strength. This is classic market structure during a reset. The tourists get shaken out while the holders hold. If $BTC reclaims 68K it puts STHs back in profit and flips the narrative. Until then, expect volatility as price hunts liquidity around these levels. Key levels to watch: 65K now, 68K to flip sentiment, 49K as the strong support underneath. $ETH #OilDropsOnCeasefire #CXMTMemoryIPO #DailyOrbit $SNDK