PANews reported on June 16th that CryptoQuant analyst Axel Adler Jr. stated that Bitcoin's adjusted sell-side risk ratio (SSRR) entered the red zone for the first time when BTC fell to $60,000, indicating that the supply of losing positions exceeded the supply of winning positions, reflecting deep pressure on holders. Historically, this indicator entering the red zone often coincides with bottom formation periods. Meanwhile, the CVDD valuation model shows a structural bottom around $48,300, a level that has almost never been closed below in Bitcoin's history.

Bitcoin has now rebounded to $66,000, and the smoothed SSRR (Smoothed Spectrum Reduction) has begun to turn upwards. Analysts believe that $60,000 is a behavioral resistance zone, while $48,000 is a structural risk boundary. A further confirmation of the recovery would be if the smoothed SSRR moved out of the red zone and the price stabilized above $60,000; the main risk is the appearance of a new red signal at a lower level and a test of the $48,000 support. Overall, the market is gradually shifting towards an accumulation phase.