When price is under the recent cost basis, the typical recent buyer holds at a small loss, which can raise capitulation risk if the level is not reclaimed.
Price also sat under its 200-day moving average near $70,295, a common shorthand for a softer medium-term trend.
The whole-market realized price sits near $52,750, a deeper structural cost-basis level well beneath current price.
A reclaim of ~$67,500 that holds, then a move back above ~$70,300, would strengthen the read. Losing the mid-$60,000s would weaken it.
Read More →