PANews 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 it has previously occurred.

Bitcoin's price has fallen below the short-term holders' cost base of approximately $76,000. Only two support levels remain: the overall network cost base of approximately $54,000 and the long-term holders' cost base of approximately $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 move towards the overall cost base.