Svmuureports that CryptoQuant analyst Axel Adler Jr stated that Bitcoin is once again testing the February low of approximately $62,000, while the current 7-day net realized loss has reached about $7 billion, higher than levels at the February low, but still below the peak loss of around $14 billion during the winter market panic.
Axel Adler believes that, unlike February of this year, selling pressure in this market cycle has not diminished as it approaches the low point but has instead continued to intensify, indicating that the current bottom testing is facing stronger capitulation pressure, and the market has yet to signal a rapid rebound. As long as BTC remains above $54,000, the market has not yet entered a full capitulation phase; if it breaks and stays below the February low, it may further test the network-wide cost support zone near $54,000.
Axel Adler Jr pointed out that BTC prices have clearly fallen below the cost basis of short-term holders (STH) of approximately $76,000, and the market is attempting to break below the February low. If it declines further, the only major supports left are the network-wide average realized price of around $54,000 and the cost basis of long-term holders (LTH) of about $49,000. These two zones have historically corresponded to the full capitulation phase and the formation range of cycle bottoms.