Bitcoin continues to hold steady above critical on-chain support levels. The key here: price remains anchored above both the realized price baseline and the active investor mean, which historically acts as a floor during consolidation phases rather than signaling market cycle exhaustion.

Yes, risk metrics have ticked up from early 2023 levels. But that's context, not a red flag. The current setup feels more like the market catching its breath—a consolidation pattern—rather than capitulation. These cost basis supports suggest buyers are still in the game, holding their ground instead of throwing in the towel.