BITCOIN DIDN’T FAIL AT $98.4K. IT RAN INTO SELLERS\n\nSTH cost basis briefly reclaimed → instant rejection.\n\nWHY?\n3–6 month holders.\nAvg cost: $112.6K.\nStill deep underwater.\n\nThey’re selling every push to cut losses.\nRealized losses rising.\nMomentum capped.\n\nThis isn’t a technical ceiling.\nIt’s behavioral resistance.\n\n$BTC doesn’t break out\nuntil this cohort finishes exiting.\n\nPrice waits for people to capitulate.

BTC-0.93%
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