Bitcoin Market Shows Signs of Recovery but Selling Pressure Persists

Recent data analysis by Axel, an on-chain data analyst, has provided insight into the current state of the bitcoin market. According to Axel's report, the overheating phenomenon in the market has been completely eliminated. The MVRV Z-Score indicator, which measures valuation overheating, has dropped significantly from its cycle high in October 2025.

The current value of the MVRV Z-Score is 0.674, far below the average (1.72) and first standard deviation track (3.55). This suggests that the market's valuation bubble has been cleared, with the current range corresponding to a cycle-neutral zone where the market value only moderately exceeds the realized market value.

However, despite the elimination of overheating, selling pressure remains in the market. The aSOPR (7-day moving average) indicator, which reflects profitability, has been below 1.0 for 55 consecutive trading days. This indicates that market participants are still selling at a loss, with the latest value at 0.9926.