$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