Bitcoin Market Shows No Clear Reversal Signs Amid Persistent Selling Pressure

On March 18, on-chain data analyst Axel released a report indicating that the overheating in the Bitcoin market has been completely eliminated, yet selling pressure remains unrelieved, with no clear reversal signals in sight. According to BlockBeats, the report reveals that the MVRV Z-Score, a measure of Bitcoin's valuation overheating, has dropped 74% from its cycle peak of 2.603 in October 2025 to 0.674, significantly below the average of 1.72 and the first standard deviation band of 3.55, confirming the removal of the valuation bubble. The current range of 0.5-1.0 corresponds to a cycle-neutral zone, with the market value only moderately exceeding the realized market value. However, the aSOPR (7-day moving average), which reflects the profitability of market participants, has remained below 1.0 for 55 consecutive trading days, with the latest value at 0.9926, indicating continued loss-making sales in the market. Since January 21, 2026, when it last surpassed the 1.0 threshold, this indicator has consistently failed to return to the profitable sales range. Axel emphasizes that 1.0 is the critical dividing line between loss-making and profitable sales patterns. Until the aSOPR can remain above 1.0 for several consecutive trading days, any rebound may face selling pressure. The current key issue in the market is not whether Bitcoin is cheap, but whether the selling pressure has been exhausted, and for now, the answer remains negative.