ChainCatcher report: CryptoQuant analyst Axel Adler Jr. posted that Bitcoin is once again testing the approximately $62,000 low. Current 7-day net realized losses have reached around $7 billion, surpassing levels seen at February’s low this year but still below the peak loss of approximately $14 billion during the winter market panic. Bitcoin’s current price has clearly fallen below the short-term holder (STH) cost basis of approximately $76,000. Should prices decline further, 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 around $49,000—regions historically associated with periods of mass capitulation and cycle bottoms. However, as long as Bitcoin remains above $54,000, the market will not enter a full capitulation phase. If it breaks below and sustains trading below February’s market low, it may further test the $54,000 level as the final defense of this cycle.
Bitcoin Tests $62,000 Support, $54,000 Seen as Final Defense
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Summary
Bitcoin is retesting the $62,000 support level, with 7-day net realized losses reaching $7 billion. This level is above February’s low but below the winter panic peak of $14 billion. Bitcoin has already fallen below the short-term holders’ cost basis of $76,000. The next key support levels are the network’s average realized price at $54,000 and the long-term holders’ cost basis at $49,000. These levels represent critical support and resistance zones. A sustained break below $54,000 could trigger a full capitulation phase.
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