Bitcoin has entered an accumulation phase as selling pressure on the network has decreased significantly, according to CryptoQuant analyst Axel Adler Jr. The seller risk ratio, which last indicated active selling in December 2024 at around $107,000, has since remained inactive. Currently, selling pressure is approximately one-sixth of the cycle's average level, with the indicator returning to levels seen during the 2022–2023 bear market. The 180-day rolling average has dropped to 1,913, a level historically linked to bear markets when Bitcoin prices were between $16,000 and $20,000. However, current prices range from $67,000 to $72,000. The market is neutral with a tendency towards accumulation, but without a price catalyst, there is a risk of entering a prolonged consolidation period.