CryptoQuant reports that Bitcoin has not yet hit a 'full capitulation' bottom, with key on-chain indicators remaining in a 'bear phase' rather than progressing to the 'extreme bear phase' seen in prior cycle lows. Despite the significant sell-off on February 5, which involved approximately $5.4 billion, the market has not exhibited the typical signs of ultimate bearish capitulation. This suggests that Bitcoin's price may continue to face downward pressure before a sustainable bottom is established.

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