Analyst: Bitcoin's key support level below is $54,000, breaking below which would lead to a "full capitulation" stage.

BlockBeats News, June 5th, CryptoQuant analyst Axel Adler Jr posted that Bitcoin recently fell back to around $62,000, and the market's loss scale continued to expand. On-chain data shows that the current 7-day net unrealized loss has risen to around $7 billion, surpassing the level seen at the market low point in February this year. However, compared to the peak loss of about $14 billion during the last bear market and winter market panic phase, the current market sentiment has not yet reached a state of full surrender.

From a cost structure perspective, the current price of Bitcoin has significantly dropped below the average short-term holder's cost of around $76,000, meaning that most short-term investors are now at a floating loss. If the market further weakens, the key support areas below are mainly concentrated around the network-wide average realized price of around $54,000 and the long-term holder's cost of around $49,000. These two price ranges typically correspond to the value support areas after a deep market correction in historical cycles.

The analysis believes that as long as Bitcoin remains above $54,000, the market still falls within the normal cyclical pullback range and has not entered a phase of full surrender. However, if the price falls below and consistently operates below the lows seen in February this year, market panic sentiment may further intensify, at which point around $54,000 may become the most critical final defense line in this round of adjustment.