BTC HOLDS THE 200-WEEK — $63K FLOOR CONFIRMED, TAPE BOUNCES TO $65.7K. THE FUNDAMENTALIST MARKER IS INTACT.

Adam Back marked the 200-week moving average today: “#bitcoin passes $63k 200wma.” The 200-WMA is the Fundamentalist tier’s long-cycle floor benchmark — historically the line under which Bitcoin has spent very little of its life, and the line above which the long-cycle compounding story remains intact. The chart doesn’t care about BIP-110 signaling or MSTR’s zero-buy Monday or preferred-stack idle capacity. The chart cares about the ratio: monetary demand versus the twenty-one-million cap on the other side of every trade. Today the tape printed above the four-year average line. Fund-tier operators read that as the marker that the long-cycle thesis is still on the tape — not directional in the short term, but structurally intact through everything the last twelve months has thrown at it. The cap is still twenty-one million.