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Bitcoin spent much of the week trading below both the short-term holders’ (STH) cost basis and the 0.85 quantile level discussed in last week’s Bitfinex Alpha, reflecting fading momentum and market fatigue. However, a softer CPI print and signs of easing US–China tariff tensions helped BTC rebound above these resistance thresholds, improving near-term structure. Holding above the STH cost basis at $113,600 is now pivotal for confirming a constructive shift. Trading above this level has historically marked the transition from corrective to accumulation phases, while failure to sustain it would risk deeper retracement toward the 0.75 quantile near $97,500, the likely lower bound of the current consolidation range if we are to pull back further.