The $BTC bottom debate is accelerating. The data is not aligned yet. Some macro indicators are flashing early stabilization. Others suggest the drawdown is still being digested. What the data says right now: ➭ Weekly 200MA sits just below price, with BTC actively testing it as support, a zone historically associated with cycle bottoms or late-stage drawdowns ➭ At ~$70K, unrealized losses equal 16% of market cap, similar to early May 2022 conditions ➭ Net Realized PnL (3D-SMA) flipped to –$317M/day, last seen December 2022 ➭ Short-term holders are entering underwater territory ➭ BTC is trading below the lower bound of the log regression band ($74.6K), a zone historically tied to reaccumulation ➭ Advance Decline Index for the top 100 assets remains weak, breadth has not recovered Translation: stress is real, but not capitulation-driven. This looks more like balance sheet digestion than forced liquidation. Bottoms are processes, not candles. Confirmation comes from breadth, realized losses stabilizing, and time spent rebuilding structure, not from single indicators. Patience still matters here.