Bitcoin is testing one of the most important levels of every cycle. The Bitcoin production cost has historically acted as a major support zone during bear markets. 2015 → Bitcoin consolidated around it before the next bull market. 2019 → same thing. 2020 → same thing again. 2022 → Bitcoin bottomed around the zone before the next major expansion. Now in 2026, Bitcoin is back testing its production cost again. The current band sits roughly between $62,000 and $75,000, with Bitcoin trading near the bottom of it. Every previous cycle eventually turned this area into a launchpad for the next bull market. If Bitcoin can hold this zone again, history suggests this could become one of the most important accumulation areas of the entire cycle. Everyone is watching for lower. The miners' cost basis is telling a different story.