Analysts: Bitcoin selling pressure intensifies; $54,000 may be the last line of defense for bulls.

CoinFeed reported on June 5th that CryptoQuant analyst Axel Adler Jr. wrote that Bitcoin is testing the February low of around $62,000, with a net realized loss of $7 billion in seven days, exceeding the loss level at the February low, but still below the winter capitulation peak of $14 billion. A key observation is that this time, selling pressure intensifies as the price approaches the bottom, rather than subsiding before the bottom as previously had. Bitcoin's price has fallen below the short-term holder cost base of around $76,000. Only two support levels remain below: the overall network cost base of around $54,000 and the long-term holder cost base of around $49,000. As long as the price holds above $54,000, the market has not yet entered a complete capitulation phase. A break below the February low would be a trigger signal for a fall towards the overall cost base.