Analyst: The key support level below Bitcoin is $54k; if broken, it will enter the "full surrender" phase

Mars Finance News reported that on June 5, CryptoQuant analyst Axel Adler Jr said that Bitcoin has recently dropped back again to around $62,000, and the scale of market losses continues to expand. On-chain data shows that the current 7-day net realized loss has risen to about $7 billion, which is already higher than the level at the market low seen in February this year. However, compared with the peak realized loss of about $14 billion during the previous bear market and the winter market panic phase, current market sentiment has not yet reached a state of full capitulation.

From the cost structure perspective, Bitcoin’s current price has clearly fallen below the short-term holders’ cost basis of about $76,000, indicating that most short-term investors are already in an unrealized loss. If the market weakens further, the key support areas below are mainly concentrated around the network-wide average realized price of about $54,000 and around the long-term holders’ cost basis of about $49,000. These two price ranges typically correspond to value support zones after market depth adjustments in each cycle.

The analysis suggests that as long as Bitcoin stays above $54,000, the market remains within the scope of a normal cyclical pullback and has not entered a full capitulation phase. But if the price breaks below and continues to trade below the February low, market panic sentiment may intensify further, and around $54,000 could become the most important final line of defense in this round of adjustment.