$BTC testing the 200-day moving average — this is the line that matters. Lose it and we're back in the pain cave for a while. Not panic mode yet, but this is where you check your sizing and make sure you're comfortable holding through whatever comes next. Spot holders ride it out. If you're overleveraged, this is your warning. The 200-day has been the floor in previous cycles — break below and stay below, and we're probably grinding lower for months. Hold above, and it's just noise. Watch the weekly close.