TechFlow News, June 5: CryptoQuant analyst Axel Adler Jr. stated that Bitcoin is once again testing its ~$62,000 low. The current 7-day net realized loss has reached approximately $7 billion—higher than the level observed at the February 2024 market low, yet still below the peak loss of ~$14 billion seen during the winter market panic.
Bitcoin’s current price has clearly fallen below the cost basis of Short-Term Holders (STH) at ~$76,000. If the price declines further, the main support levels remaining are the network-wide average realized price at ~$54,000 and the Long-Term Holders’ (LTH) cost basis at ~$49,000. Historically, these two zones have corresponded to phases of capitulation and cycle bottoms. However, as long as Bitcoin holds above $54,000, the market will not enter a full capitulation phase; if it breaks below and sustains trading beneath the February 2024 market low, it may further test ~$54,000—the final line of defense for this cycle.
