Bitcoin has tried to reclaim on-chain break-even 7 times since November. All 7 failed. The 8th reclaim just happened. And it's being tested right now. Adjusted SOPR tracks whether coins moving on-chain are sold above or below what they cost. Above 1 means holders are selling in profit. Below 1 means they're selling at a loss. This time it spiked to ~1.027. Strongest profit-taking read since November, and buyers absorbed all of it. Now the 7D line has bled right back to 1.00. This is the line that decides the regime. In bull markets, 1 is a floor. Holders refuse to sell at a loss, so dips get bought. In bear markets, 1 is a ceiling. Holders dump the moment they're back to even. Last time $BTC sat on this line from above was late May. It lost it, and the 2026 lows followed within weeks. Bounce here: first bull-market structure since November. Close back below: attempt #8 joins the list. Counter-case: it's a 7-day average. It lags, and one soft week can dip under 1 without breaking the trend. Floor or ceiling this time?