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#Bitcoin is ~$81.5–82K after hotter CPI, absorbing another long-liquidation flush. One year post-$19B crash, leverage is structurally lower and the $80–87K range has held, but this is not full capitulation. Fear & Greed remains mid-range, open interest has rebuilt on dips, and X is split: some see the recent washes as enough, others want a cleaner sweep toward $75–77K or ~$2.55T total market before calling a bottom. $81–81.5K is the line. Hold it and the “flush largely done” case gains weight on any macro relief; lose it and another washout becomes the higher-probability path. Still range-bound and Fed-sensitive.

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