Analyst: Bitcoin Tests Key Support at $62,000; $54,000 May Become Final Line of Defense in This Round

CryptoQuant analyst Axel Adler Jr. stated that Bitcoin is once again testing its ~$62,000 low, while the current 7-day net realized loss has reached approximately $7 billion—higher than the level observed at February’s lows this year, though still below the peak loss of ~$14 billion seen during the winter market panic. Bitcoin’s current price has clearly fallen below the cost basis of short-term holders (STH) at ~$76,000. If the price declines further, the main support levels remaining are the network-wide average realized price of ~$54,000 and the long-term holders’ (LTH) cost basis at ~$49,000—both zones historically corresponding to capitulation phases and cycle bottoms. However, as long as Bitcoin holds above $54,000, the market will not enter a full capitulation phase; if it breaks below and sustains trading beneath February’s market low this year, it could potentially test ~$54,000—the final line of defense for this cycle.