①② Both are here ┌── Indicator Details ──┐ The black line in the chart represents Bitcoin price; the orange line represents Bitcoin's median purchase cost. **Bitcoin Median Purchase Cost**: This is the median price at which all Bitcoin tokens last moved on-chain, based on the total supply. (Half of Bitcoin moved above this price; the other half moved below it.) Unlike the average, it takes the middle value, better representing the median cost for investors buying Bitcoin. The two pullbacks, ① and ②, spanning nearly half a year, filtered out noise and short-term speculators. This indicates that the market has spent almost six months solidifying the cost baseline for median investors across the network. Once the price confirms support from the second pullback and starts moving upward, it usually signals the definitive establishment of the bear market bottom, followed by a long-term trend reversal (barring any black swan events ).