Something feels very different about this bear market. $BTC is only down around 37% from ATH at this stage of the cycle. Previous bear markets were already down 50-80% by now. That’s not a small difference, that’s a completely different structure. At the same time, ETF inflows have been positive for 6 consecutive weeks, corporations are still accumulating and one of the most reliable on-chain bull/bear indicators just flipped green for the first time since early 2023. But none of this matters if Bitcoin cannot reclaim the 200-day moving average. This is the level separating a simple relief rally from a real market reversal. And what’s crazy is that #BTC is showing this resilience while inflation came hotter than expected, yields are rising, oil is exploding and rate hike fears are coming back. In previous cycles, $BTC would have completely collapsed under this kind of macro pressure. Smart money is also quietly watching infrastructure plays. The next few days are probably more important than most people realize. If $BTC reclaims the 200DMA, market structure changes fast. If not, $80k probably becomes the ceiling again. Either way, this market is getting very close to making its decision.