Last week in BVL051, we returned to the pit: the $60k lows.
After revisiting this zone for the first time since February, Bitcoin managed to recover part of the decline and climb back toward the middle of its recent range. The move has been encouraging, but it has not resolved the questions every bear market eventually forces us to ask.
Bear markets tend to become a battle between price and conviction. Every recovery attempt creates hope. Every setback revives doubt. And somewhere between those two forces, the market slowly reveals whether it is rebuilding or simply catching its breath.
Some will already argue that $60k was the cycle low. Others will keep waiting for lower levels.
But the climb Bitcoin now has to endure is not just a recovery back toward the high $60ks.
The real climb is the one that begins from the cycle bottom.
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