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Data: Analysts say Bitcoin tests the key support at $62k, with $54k as either the final line of defense in the cost round or the last barrier.

MarsBitNews
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Mars Finance News, CryptoQuant analyst Axel Adler Jr stated that Bitcoin is once again testing the February low of around $62,000, and the current 7-day net realized losses have reached approximately $7 billion, higher than the level during the February lows this year, but still below the peak loss of about $14 billion during the winter market panic. Currently, BTC price has clearly broken below the short-term holder (STH) cost basis of about $76,000, and the market is attempting to break below the February low. If further downward movement occurs, the main support levels are only the network-wide average realized price of about $54,000, and the long-term holder (LTH) cost basis of about $49,000. These two zones have historically corresponded to capitulation phases and cycle bottom formation areas. But as long as BTC remains above $54,000, the market has not entered a full capitulation phase; if it breaks below and continues to operate below the February low, it may further decline toward the network-wide cost support zone around $54,000.
BTC-0.41%
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