On-chain data analyst Axel reports that Bitcoin's market overheating has fully subsided, yet selling pressure remains. The MVRV Z-Score, a key indicator of Bitcoin's valuation, has decreased by 74% from its October 2025 peak of 2.603 to 0.674, indicating the valuation bubble has dissipated. This score now sits below the mean of 1.72 and the first standard deviation band of 3.55, placing it in a cycle-neutral zone. Despite this, the aSOPR (7-day moving average), which measures market participant profitability, has stayed below 1.0 for 55 consecutive days, with the latest reading at 0.9926. This suggests ongoing loss-making sales, as the indicator has not surpassed the 1.0 threshold since January 21, 2026. Axel highlights that sustained aSOPR levels above 1.0 are necessary to alleviate selling pressure, which continues to challenge any potential market rally.