BlockBeats news, on June 5, CryptoQuant analyst Axel Adler Jr. posted that Bitcoin has recently declined again to around $62,000, with the market's cumulative losses continuing to expand. On-chain data shows that the 7-day net realized loss has risen to approximately $7 billion, surpassing the level seen at this year’s February market low. However, compared to the peak loss of about $14 billion during the previous bear market and winter market panic phase, current market sentiment has not yet reached a state of full capitulation.
From a cost structure perspective, the current price of Bitcoin has clearly fallen below the approximate $76,000 holding cost of short-term holders, indicating that most short-term investors are currently in a loss position. If the market weakens further, key support levels below are primarily concentrated around the network-wide average realized price of approximately $54,000 and the long-term holder cost basis near $49,000. These price ranges have historically corresponded to value support areas following significant market corrections.
Analysis suggests that as long as Bitcoin remains above $54,000, the market is still within the scope of a normal cyclical correction and has not entered a full-scale capitulation phase. However, if the price falls below and sustains trading below this year’s February low, market panic could intensify further, making the $54,000 level potentially the most critical final defense of this correction.