PANews reported on June 6 that CryptoQuant analyst Axel Adler Jr. stated that Bitcoin is retesting the February low of around $62,000, and the current 7-day net realized loss has reached approximately $7 billion, higher than the level at the February low, but still lower than the peak loss of approximately $14 billion during the winter market panic.

Currently, the price of BTC has clearly fallen below the short-term holder (STH) cost price of approximately $76,000, and the market is attempting to break below the February lows. If it falls further, the main support levels are only the network average realized price of approximately $54,000 and the long-term holder (LTH) cost price of approximately $49,000. These two areas have historically corresponded to capitulation phases and the formation of cycle bottoms. However, as long as BTC remains above $54,000, the market has not yet entered a capitulation phase; if it falls below and continues to trade below the February lows, it may further test the network cost support area around $54,000.