Bitcoin's cost basis sits at $98,000, but the real test ahead lies at the 200-day moving average—currently around $105,900. This level matters because it's a critical resistance zone in the broader cycle. Looking at the Mayer Multiple Z-Score data from the recent low, we're seeing something that hasn't happened since 2022. The market has essentially reset itself. Whether Bitcoin can break above this moving average will be crucial. If it does, we could be looking at a significant shift in market dynamics.