🚨 $BTC NUPL WEDGE: THE CYCLE IS NOT OVER YET #Bitcoin NUPL is still respecting a long term compression structure that has been developing across multiple market cycles. Historically, major euphoric phases appeared when NUPL pushed into the upper boundary, while deep capitulation zones formed near the lower boundary. The current reading remains well below the extreme optimism levels seen around previous cycle tops. The key signal is the descending resistance line connecting major NUPL peaks from 2013, 2017, 2021 and the 2024 to 2025 period. At the same time, the lower boundary continues to rise, creating a massive converging wedge. This compression suggests that Bitcoin market profitability is becoming increasingly constrained, with the next major expansion potentially becoming structurally important. What makes the current setup interesting is the sharp decline from the 2025 high followed by stabilization near the middle to lower portion of the structure. If NUPL begins reclaiming higher levels while BTC confirms with a sustained breakout, the historical pattern could point toward another major expansion phase. But there is one critical level to watch: the upper wedge boundary. A decisive NUPL breakout above that resistance would be far more significant than a short term BTC price pump because it would indicate a broad shift back toward extreme unrealized profitability. BTC is not giving a confirmed cycle top signal yet. The NUPL structure suggests the real decision point may still be ahead. #BTC Price Analysis# #Macro Insights#