PANews reported on March 7 that CryptoQuant analyst Axel posted on the X platform that the NUPL-MVRV harmonic composite indicator reached 0.33, while historical cycle bottoms usually appear in the range of around 0.5. The chart shows that the bear market cycle is beginning to show an upward trend, and Bitcoin may have entered the middle stage of this bear market cycle. This indicates that the extreme selling situation is becoming more moderate, but the indicator is still far above the historical bottom area, which means that a full-scale market sell-off has not yet been confirmed.