[Analysis: Bitcoin Sell-Side Pressure Drops to One-Sixth of Cycle Average, Market Enters Accumulation Phase] CryptoQuant analyst Axel Adler Jr. published an analysis stating that the sell-side pressure in the Bitcoin market has dropped to one-sixth of the cycle average, indicating the market is currently in an active accumulation phase. The Sell-side Risk Ratio model shows that the last sell-side pressure signal appeared in December 2024 (price at $107,000), after which the signal turned off. The model now indicates an accumulation signal, with sell-side pressure on the network continuing to decline, mirroring data from the $16,000 to $20,000 price levels during the 2022-2023 bear market. The model divides the current cycle into two phases: a strong distribution phase from November to December 2024, with prices ranging from $64,000 to $107,000, and the current return-to-accumulation phase. The 180-day Sell-side Risk Ratio average has dropped from 3,210 to 1,913 over the past 60 days and continues to decline at a rate of approximately 20 points per day. The current sell-side behavior pattern aligns with the bear market phase, but prices remain in the $67,000 to $72,000 range, creating a structural divergence.