An analysis suggests that Bitcoin is currently in an accumulation zone, but the bottom has not yet been confirmed. CryptoQuant contributor AxelAdlerJr explained, "The Adaptive Sell-side Risk Ratio has fallen to 0.031, placing it in the bottom 3% of the current halving cycle. This means it is lower than 97% of the days since April 2024. This is a period where significant stress is being applied to the market, indicating a sharp deterioration in the balance between profitable and loss-making supply, while market participants' confidence remains low. Historically, such periods have appeared in the latter stages of a bear market. However, this does not mean that the bottom has been reached yet."
