CryptoQuant Analyst: Extreme Selling Pressure Has Eased, Bitcoin May Enter Mid-Bear Market

CryptoQuant analyst Axel posted on platform X, stating that Bitcoin may have entered the mid-stage of the current bear market cycle. The NUPL--MVRV harmonic composite indicator has reached 0.33, while historical cycle bottoms typically occur around the -0.5 range. The chart shows that the bear market cycle is beginning to trend upwards, indicating that extreme sell-off conditions are becoming milder. However, the indicator is still well above the historical bottom region, meaning that a comprehensive market sell-off has not yet been confirmed.