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Analyst: Bitcoin tests the key support at $62,000; $54,000 may become the final line of defense for this round
Deep Tide TechFlow News, June 5th, CryptoQuant analyst Axel Adler Jr stated that Bitcoin is once again testing the around $62,000 low, and the current 7-day net realized loss has reached approximately $7 billion, higher than the level at the February low this year, but still below the peak loss of about $14 billion during the winter market panic.
Currently, Bitcoin's price has clearly fallen below the short-term holder (STH) cost basis of about $76,000. If it continues to decline, the main support levels are only the network-wide average realized price of approximately $54,000 and the long-term holder (LTH) cost basis of about $49,000. These two zones have historically corresponded to the capitulation phase and the cycle bottom. However, as long as Bitcoin stays above $54,000, the market will not enter a full capitulation phase; if it breaks below and continues to operate below the market low of February this year, it may further test the final line of defense around $54,000.