Want to understand markets better? Study this post right here.

Stop looking only at how far price moved. Start watching how hard the market had to work to get there.

At the June 6 low, one thing I pointed out was that $BTC ’s trip from $82K back toward $60K took substantially longer than February’s liquidation into the same area. The destination looked unbelievably ugly, but the way price got there was different, and that mattered.

Now we’re getting the other side of that test.

Starting around March 30, Bitcoin needed more than a week of grinding to work its way from the spring area back to 72k... This time it has done most of that work in just a couple of days.

So far, so good. But the bigger tell comes next.

Last time, getting from that spring area all the way back to $82K took roughly five weeks. If Bitcoin can work through the same supply and do it materially faster this time, while keeping the reactions shallow and holding the ground it gains, that tells us something important...

There may simply be a lot less supply left to work through.

That’s effort vs. result in real time.

Don’t just ask where price went. Ask how much work it took to get there.