$BTC just reclaimed the level it was at when the Iran conflict kicked off.

More telling: it's trading above Saylor's first 32 $BTC sale, and way above all his larger sells after that. Anyone who followed his lead—shorting or dumping after he did—is now underwater.

This is classic mid-cycle price action. Weak hands flush out, headlines shake people loose, then price grinds back. The cycle doesn't care about narratives. It cares about positioning.

If you sold the panic or shorted the Saylor headline, you're now paying tuition. If you held or bought the dip, you're back in the green.

Read: we're still in a bull structure. Dips are for accumulation, not capitulation. Rotate accordingly.