Bitcoin Vector

Bitcoin just lost the breakeven zone.

This is where the real battle begins:

Can holders who were back in profit tolerate being underwater again?

BTC is now below:

→ True Market Mean: $78.3K
→ Short-Term Holder Cost Basis: $78.6K
→ All ETFs Cost Basis: $83K

But the real signal is the Risk Index. Yes, it is still in low-risk territory.

But it has started to move higher. That reaction tells us selling pressure is beginning to inflict structural damage.

Risk moving out of maximum low risk is usually the first warning sign.

The first cracks before a breakdown.

Free-Man's Perspective
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