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CoinWorld Network March 7 News, CryptoQuant analyst Axel posted on the X platform that the NUPL–MVRV harmonic composite indicator reached 0.33, while historical cycle bottoms typically occur around the 0.5 range. The chart shows that the start of the bear market cycle is trending upward. Currently, Bitcoin may have entered the mid-stage of this bear market cycle, indicating that extreme selling conditions are moderating, but the indicator remains well above historical bottom levels, suggesting that a full market sell-off has not yet been confirmed.