Bitcoin has recovered from its lows and is now trading between two key levels: the Realized Price at $52,900—the average entry price of all circulating coins—and the cost basis of buyers over the past five months at $69,400, the current resistance zone. What makes me more optimistic: the capitulation by long-term holders, which defined this bear market, is cooling off. The daily realized loss for this group reached its cycle high two weeks ago and is now turning downward. Meanwhile, buyers across nearly all wallet sizes have aggressively bought the lows. The question remains: Will this buying pressure hold as the price tests toward $69,400, or was it merely a one-time reaction to the lows?