Analysts say the selling pressure on Bitcoin is easing. However, they haven't confirmed a full

Bitcoin May Be in Mid-Bear Phase, Says Analyst: NUPL-MVRV Hits 0.33—But Bottom Still Far?

CryptoQuant analyst Axel is reading the charts, and the signals are mixed. According to his post on X, the NUPL-MVRV harmonic composite indicator has hit 0.33. For context, historical cycle bottoms usually land around 0.5. So where does that leave us?

Axel notes that bear cycles seem to be shifting upward over time. If that trend holds, Bitcoin might now be in the middle of its current bear run. Extreme selling? That's starting to ease. But here's the catch: the indicator is still way above where bottoms have historically formed. So a full-blown market capitulation? Not confirmed yet.

Bottom line: the worst may be behind, but the all-clear signal hasn't flashed.