Bitcoin isn't just a chart. It is an energy derivative.

Right now, the raw electrical cost to produce 1 BTC is hovering near $71,000.

When you factor in hardware depreciation, cooling, and overhead, we are trading aggressively against the fundamental cost of production.

This is the only signal that matters. In every previous cycle, when Price compressed into Production Cost, it wasn't a sell signal.

It was a generational buy signal. You aren't catching a falling knife. You are buying stored energy at wholesale prices.

The market can remain irrational, but it cannot defy physics forever.