POPA ReconBTC remains structurally resilient, but weakening spot demand, slowing ETF inflows, and increasingly crowded long positioning suggest…
BTC remains structurally resilient, but weakening spot demand, slowing ETF inflows, and increasingly crowded long positioning suggest upside momentum is cooling beneath the surface. Executive Summary - BTC reclaimed True Market Mean at $78.3k but couldn't hold. History suggests weeks to months of consolidation needed before a bull transition. - 30D SMA of Realized P/L Ratio jumped from 0.4 to 1.8 during the rally. Needs a sustained move above 2 to confirm real buy-side recovery. - 30D cost basis at $78.2k flipped from support to resistance. The Feb-April cohort at $71.4k is the next support…
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