Analysts: Bitcoin selling pressure intensifies, $54,000 may be the last line of defense for bulls

On June 5, CryptoQuant analyst Axel Adler Jr. stated that Bitcoin is testing its February low of around $62,000. The 7-day net realized loss has reached $7 billion, exceeding the loss level at the February low, but still below the winter capitulation peak of $14 billion. A key observation is that this selling pressure intensified as the price approached the bottom, rather than subsiding before the bottom as in previous instances. Bitcoin's price has fallen below the short-term holder cost basis of approximately $76,000. Only two support levels remain below: the all-exchange aggregate cost basis of approximately $54,000 and the long-term holder cost basis of approximately $49,000. As long as the price holds above $54,000, the market has not yet entered a full capitulation phase. A break below the February low would be a trigger signal for a decline towards the aggregate cost basis.