Odaily Planet Daily report: CryptoQuant analyst Axel Adler Jr. stated that Bitcoin is once again testing the February low of approximately $62,000, with the current 7-day net realized loss reaching about $7 billion—higher than at the February low but still below the peak loss of approximately $14 billion during the winter market panic.
Axel Adler believes that, unlike in February, selling pressure has not diminished as the market approaches its low point; instead, it has continued to intensify, indicating that the current bottom-testing phase 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 entered a full capitulation phase; however, if it breaks below and sustains trading below February’s low, it could decline further toward the $54,000 all-network cost support zone.
Axel Adler Jr. noted that the current BTC price has clearly fallen below the short-term holder (STH) cost basis of approximately $76,000, as the market attempts to break below the February low. If further downside occurs, the primary support levels remain the network-wide average realized price of approximately $54,000 and the long-term holder (LTH) cost basis of approximately $49,000—regions that historically corresponded to periods of full capitulation and cycle bottoms.