Retail hasn't shown up at these lows — and that's actually bullish.

In 2022, retail kept buying dips way too early while $BTC kept flushing lower. By the time the real bottom hit, they were exhausted, underwater, and checked out for the entire rally that followed.

This cycle? Different. Price stabilized without that wave of early panic buying. Retail stayed on the sidelines.

That matters because now there's dry powder. If the chart starts expanding, that cohort will FOMO back in as price climbs — and that fuel helps push the next leg higher.

No exhausted buyers trapped underwater. No early capitulation. Just a sidelined crowd waiting to chase momentum when it shows up.

That's the setup.