Analyst: Bitcoin Selling Pressure Intensifies, $54,000 Could Be the Last Defense for Bulls

Odaily Planet Daily News CryptoQuant analyst Axel Adler Jr stated that Bitcoin (BTC) is once again testing the February low of around $62,000. The current 7-day net realized loss has reached approximately $7 billion, higher than the level during the February low, but still below the peak loss of about $14 billion during the winter market panic.

Axel Adler believes that unlike February, the selling pressure in this round of the market has not weakened as it approaches the lows, but has instead continued to intensify. This suggests that the current test of the bottom is facing stronger capitulation pressure, and the market has not yet signaled a rapid rebound. As long as BTC remains above $54,000, the market has not yet entered a full-blown capitulation phase; if it breaks below and consistently trades under the February low, it could further decline towards the network-wide cost basis support area around $54,000.

Axel Adler Jr pointed out that BTC prices have clearly fallen below the cost basis of short-term holders (STH), which is approximately $76,000. The market is attempting to break below the February low. If it declines further, the main supports are only the network-wide average realized price of around $54,000 and the cost basis of long-term holders (LTH) at approximately $49,000. In historical cycles, these two areas have corresponded to the full capitulation phase and the formation range of cycle bottoms.