#BVL048: Bent, Not Broken

Last week in BVL047, we framed the market around one idea: Bitcoin needed to hold the line above the cost-basis zone for the recovery to mature.

This week, that line broke.

This is the moment where bulls are forced to prove their strength by absorbing sell pressure, not just riding momentum. Sharp pullbacks are where structure either firms up, or fails. It’s also a reminder of how quickly conditions can change when macro stress returns.

The question now is simple: has the line been broken, or has it only bent?