PANews reported on April 17th that, according to CryptoQuant analyst Woominkyu, the Bitcoin Composite Market Index (BCMI), composed of MVRV, NUPL, SOPR, and the Fear & Greed Index, is approaching a historically high confidence support zone. Currently, the index has fallen to the 0.2-0.3 range, historically corresponding to a deep undervaluation of Bitcoin. By weighting MVRV (30%) and NUPL (25%), the BCMI confirms that the current pullback has reset realized value and investor sentiment to levels not seen since early 2023. The 90-day simple moving average is still trending downwards, and analysts believe it's necessary to wait for the slope to flatten to confirm the exhaustion of selling momentum. The analysis points out that the market is entering a "value accumulation zone," with limited downside potential, but price stabilization is needed to confirm a bottom signal for the index.