Peak Dwell Risk

Bitcoin cycle-top risk read from price alone: how much of the last 60 days price has spent pinned within 20% of its all-time high. Sustained time at the highs is the euphoric distribution zone that marks a top, and because every top sets a fresh high, this reads hot at each cycle's peak whether the cycle ran tall or muted. It stays cold everywhere else, including bear-market relief rallies.

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