$BTC just closed below the weekly 200MA for the first time since 2021.

This is not a drill. Last time this happened, we were entering a multi-month grind lower.

Historically, reclaiming this level = bullish continuation. Staying below = extended pain.

Watch for a retest. If we reject hard, expect 70k to get tested. If we reclaim with volume, could be a bear trap before the next leg up.

Macro backdrop matters more than ever now. Fed data, ETF flows, and on-chain metrics will dictate if this is capitulation or just getting started.