[CryptoQuant Analyst: Extreme Selling Pressure Has Eased, Bitcoin May Be Entering Mid-Bear Market Phase] According to a report by Jinse Finance, CryptoQuant analyst Axel posted on the X platform stating that Bitcoin may currently be in the mid-phase of this bear market cycle. The NUPL–MVRV harmonic composite indicator has reached 0.33, while historical cycle bottoms typically occur in the range of approximately 0.5. The chart shows that the bear market cycle is beginning to trend upward, indicating that extreme selling pressure has eased. However, the indicator remains significantly above the historical bottom range, suggesting that a full-scale market sell-off has not yet been confirmed.