Bitcoin's selling pressure has eased, but a full market bottom has not been confirmed, according to CryptoQuant analyst Axel. The NUPL-MVRV harmonic composite indicator has reached 0.33, while historical cycle bottoms typically occur around 0.5. This suggests that Bitcoin may have entered the mid-stage of the current bear market cycle. Although the extreme selling situation is moderating, the indicator remains above historical bottom levels, indicating that a full-scale market sell-off has not yet been confirmed.