Bitcoin slips below bear-market line: A critical demand test

Bitcoin's drop below the 200-week moving average has turned a familiar cycle marker into a live demand test.

On June 28, BTC traded at $60,238, down 6.1% over the past week and 18% over the past month, after three heavy ETF redemption sessions totaling about $1.61 billion in net outflows. The 200-week weighted…