🔥 $BTC  Is Quiet… but NUPL Fibonacci Says a Cycle Shock Is Loading

The NUPL curve is hovering right beneath the classic cycle exhaustion zone. Every major top in Bitcoin history formed when NUPL pressed into the upper Fibonacci bands near the 0.786 area, and every deep reset aligned with the lower Fibonacci cluster. The current structure shows #BTC grinding sideways while NUPL compresses in a tight range, a pattern that historically precedes a volatility expansion.

• BTC has not yet printed the classic NUPL blowoff signature that has marked every macro top since 2011.

• The indicator is forming a mid structure plateau similar to early 2017 and mid 2020, moments when momentum coiled for a renewed leg upward.

• The lower Fibonacci band projected for late cycle washout remains untouched and suggests the market still holds unrealized strength rather than fear.

This setup is one of the cleanest cycle readouts right now since NUPL continues to respect multi cycle Fibonacci geometry. If BTC snaps through the upper zone, the market may revisit an acceleration phase that is still missing from this cycle.