Analysts: Bitcoin selling pressure has eased, but a full bottom has not yet been confirmed; the bear market may have entered its mid-stage.

According to ME News, on March 7th (UTC+8), CryptoQuant analyst Axel posted on the X platform that the NUPL-MVRV harmonic composite indicator reached 0.33, while historical cycle bottoms typically occur around 0.5. The chart shows that the bear market cycle is beginning to trend upwards, suggesting that Bitcoin may have entered the middle stage of this bear market cycle, indicating that extreme selling pressure is moderated. However, the indicator is still far above historical bottom areas, meaning that a full-blown market sell-off has not yet been confirmed. (Source: ME)