**[Analyst: Overheating in the Crypto Market Has Been Completely Eliminated, but Selling Pressure Remains Unabated]** BlockBeats News, March 18 — On-chain data analyst Axel released the latest research report, stating that the overheating phenomenon in the Bitcoin market has been completely eliminated, but selling pressure remains unresolved, and the market has yet to show clear signs of reversal. The report indicates that the MVRV Z-Score, which measures Bitcoin's valuation overheating, has dropped 74% from the cycle peak of 2.603 in October 2025 to 0.674, far below the average (1.72) and the first standard deviation band (3.55), confirming that the valuation bubble has been entirely cleared. The current range of 0.5–1.0 corresponds to a cycle-neutral zone, with the market value only moderately exceeding the realized market value. However, the aSOPR (7-day moving average), which reflects the profitability of market participants, has remained below 1.0 for 55 consecutive trading days, with the latest value at 0.9926, indicating that the market is still selling at a loss. Since January 21, 2026, the last time it crossed the 1.0 threshold, this indicator has consistently failed to return to the profitable selling zone. Axel emphasized that 1.0 is the critical dividing line between selling at a loss and selling at a profit. Until aSOPR can remain above 1.0 for multiple consecutive trading days, any rebound may face selling pressure. The key issue in the current market is not whether Bitcoin is cheap, but whether selling pressure has been exhausted. At least for now, the answer remains negative.