Bitcoin sell pressure intensifies, with $54,000 becoming a key support level.

ME News reports that on June 5 (UTC+8), 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 around $7 billion—higher than during February’s low but still below the peak loss of approximately $14 billion during the winter market panic. Axel Adler noted that, unlike in February, selling pressure near this low has not diminished but has instead continued to intensify, indicating stronger capitulation pressure during this bottom test and no immediate signal of a rapid rebound. As long as BTC remains above $54,000, the market has not yet entered a full capitulation phase; however, if it breaks below and sustains trading below the February low, it could further decline toward the $54,000 all-network cost support zone. Axel Adler Jr. added that BTC’s price has clearly fallen below the short-term holder (STH) cost basis of approximately $76,000, and the market is now attempting to break below the February low. Should prices continue downward, the primary support levels remaining are the network-wide average realized price of approximately $54,000 and the long-term holder (LTH) cost basis of approximately $49,000—both of which historically corresponded to full capitulation phases and cycle bottom formation zones. (Source: ODAILY)